Fantom dApp volumes have increased three-fold within 24 hours to over $9M. Rising volumes fueled a bullish rally as FTM attempted to breach a critical resistance at $0.52.
The cryptocurrency market edged lower today, with most altcoins trading in the red. However, Fantom [FTM] has defied the bearish sentiment with a 4% gain to trade at $0.511 at the time of writing. 
FTM has been among the top market performers over the past week, with its 7-day gains standing at 15%. A surge in demand is driving the rally, given that trading volumes were up by more than 150% at press time per CoinMarketCap. 
Increased interest in the Fantom network is also fuelling the upsurge. According to DappRadar, dApp volumes on the network surged nearly threefold from $3.4M to $9M within 24 hours. 
These volumes have reached the highest level since late August.

Decentralized finance (DeFi) activity on the network is also on the rise. Per DeFiLlama, the network’s Total Value Locked (TVL) has increased by $2 billion to $77 billion.
Fantom tests a key resistance level  
FTM price was making higher highs, and it was attempting a breakout past a critical resistance level at $0.52 at press time. 
However, Fantom has been unable to breach this resistance for weeks, with each failed attempt being followed by a bearish reversal.

The Chaikin Money Flow (CMF) showed buyer confidence in a breakout. The metric has flipped positive, and tipping north, indicating that buying pressure has overwhelmed selling pressure.
The uptrend is also being supported by a surge in volumes, as the On Balance Volume (OBV) indicator is rising. Nevertheless, the sustainability of the uptrend will be confirmed once the smoothing line crosses above the OBV. 
If this crossover happens, it could support FTM’s breach of the $0.52 resistance level and pave the way for a rally to the 1.618 Fibonacci level ($0.63). 
On the other hand, the failure of FTM to breach this resistance could weaken the uptrend and cause the asset to drop to the support level of $0.46. 
A look at the FTM liquidation levels suggested that if the price approaches $0.61, a bullish trend will be confirmed.
Data from Hyblock Capital showed that $12M short positions faces liquidation if FTM pushes to the $0.61-$0.63 range.

If the price approaches these levels, short sellers might start to close their positions to mitigate losses, which will fuel more gains.
Moreover, FTM’s Funding Rates on Coinglass had turned negative at press time, showing short positions are dominant. This suggests that many traders anticipate the rally will fail, and that FTM was headed for a bearish reversal.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#FTM #Fantom

Hey crypto investors! Let’s take a closer look at Fantom (FTM), which has been showing some impressive upward momentum lately. FTM is currently trading at 0.5668, and it’s clear from the chart that we’re seeing a significant rally. But the big question is: will this rally hold, or is it just a temporary spike before a pullback? Let’s break it down and see what the data tells us.
Right now, FTM has been moving steadily upward, and it’s breaking key resistance levels. This movement is causing traders to take notice, but it’s crucial to analyze the potential for both bullish continuation and the risk of a correction.
Price Action and Key Levels
Looking at the 15-minute chart, FTM is comfortably trading above the 7-day SMA at 0.5621 and the 25-day SMA at 0.5424, signaling strong short-term bullish momentum. The 99-day SMA at 0.5219 is further below, offering long-term support in case of a pullback. This clear upward trajectory suggests that FTM could be on its way to testing higher resistance levels, with 0.5700 being the next critical point to watch. If it breaks through this level with strong volume, we could see FTM make a push toward 0.5800 and beyond. 📈

However, if FTM struggles to hold above 0.5600, we might see a minor retracement toward 0.5500, where the 25-day SMA would act as support. A failure to hold this level could trigger a deeper correction, potentially retesting the 0.5200 range.
MACD: Positive Momentum with Caution
The MACD (Moving Average Convergence Divergence) is giving clear bullish signals. The MACD line is comfortably above the signal line, with the histogram printing green bars, indicating strong upward momentum. 📊 This suggests that FTM could continue its rally in the short term, especially if volume continues to support the move.
However, the MACD lines are starting to converge, which means momentum might be slowing down. If the MACD line crosses below the signal line, it could indicate that the bullish run is losing strength, and we might see a pullback. For now, the bulls are in control, but traders should keep an eye on these indicators.
Volume: A Key to Sustaining the Rally
Volume is crucial in confirming price action, and right now, FTM’s volume is sitting at 779.707K, which is strong but not overwhelming. This suggests that while there’s a good amount of interest from buyers, it’s not yet at the level needed for a major breakout. For FTM to continue pushing higher, we’ll need to see a significant spike in volume, especially if it tests the 0.5700 resistance level. If volume decreases while price rises, it could signal that the rally is running out of steam, leading to a potential reversal.
On the flip side, if volume increases, particularly above 800K, we could see FTM make a solid move toward 0.5800 and possibly even higher.
What’s Next for FTM?
So, where does FTM go from here? If you’re looking to trade FTM, keep an eye on the 0.5700 level. A break above this point with increased volume could signal a continuation of the current bullish trend, with 0.5800 as the next target. 🚀
However, if FTM struggles to maintain its momentum and dips below 0.5600, short-term traders might want to consider locking in profits or waiting for a retest of the 0.5500 level. If the price falls below 0.5400, it could signal a deeper correction, and we could see FTM retesting the 0.5200 range, where long-term support lies.
For long-term holders, these dips could present good buying opportunities, especially if you believe in the project’s fundamentals. But as always, it’s crucial to monitor key levels and indicators to manage your risk effectively.
What’s your take on FTM’s recent price action? Do you think the rally will continue, or are we in for a pullback? Share your thoughts and strategies in the comments below! And don’t forget to follow me for more crypto analysis and updates. Let’s keep the conversation going! 💬🔥
#Fantom #Crypto #Investing #Trading #Binance

This was confirmed through its dissemination channels by the Fantom Foundation

The PoS-based, decentralized finance-focused Layer 1 blockchain is gearing up for a massive upgrade in the final quarter of 2024.
Through its broadcast channels, the Fantom Foundation announced an upgrade of the main network, which will now be called "SONIC".

What's new?
Following the announcement, the price of Fantom $FTM has skyrocketed due to the huge improvements brought by the update.