Explosive Growth in FTM Price
The price of Fantom (FTM) has skyrocketed by 63% over the past six days, reaching $1.08 — the highest level seen in months. This surge is driven by increased network activity, with daily active addresses hitting an 18-month high. According to data from Santiment, the Fantom blockchain recorded 2,132 unique addresses making transactions on November 24–25, surpassing previous peaks from March and December 2022.
Historical Patterns Signal Potential Risks
Similar spikes in network activity have historically been linked to market euphoria, often signaling the end of a rally. For example, in late December 2022, 1,489 active addresses coincided with a price peak, as did a surge to 2,040 addresses in March 2023. Both events led to rapid corrections once the FOMO frenzy subsided. Analysts warn that a similar outcome could occur if network activity declines, creating buying opportunities during subsequent price dips.
FTM Tests Key Resistance Level
Fantom is now approaching a critical resistance zone, last tested in April 2022. Should network activity decrease, this could provide favorable entry points for traders. With ongoing momentum and heightened interest in the FTM token, the question remains whether the current trend will sustain or follow the historical precedent of short-term price corrections.
Current Market Overview of FTM
Strong Technical Support
FTM is at a pivotal moment, testing resistance around $1.10. Technical analysis highlights a “cup” pattern, a bullish formation indicating potential continued growth if resistance is breached. The uptrend is further supported by a rising trendline since early 2024 and the positioning of the 50/200 EMAs below the current price ($0.4938 and $0.4282), confirming a medium-term bullish trend.
Warning of Possible Correction
However, historical data advises caution. After rapid price increases, corrections have often followed. The Relative Strength Index (RSI) currently stands at 66, nearing overbought territory. If RSI surpasses 70, investors might start taking profits, potentially triggering a price retracement.
A drop below the trendline support or the 0.618 Fibonacci level would indicate a short-term reversal. Key support levels to watch are $0.74 and $0.62. On the upside, breaking through the $1.20 resistance could push the token into the $1.40–$1.63 range.
FTM Price Prediction: $15 in Sight?
Renowned crypto analyst Captain Faibik has predicted that the price of Fantom could reach as high as $15 during the anticipated bull run of 2024–2025. This projection represents a potential 1,685% gain from the current price of $1.08. Faibik considers the current situation as the “last buying opportunity” before the rally accelerates and urges investors to accumulate FTM for the long term while prices remain favorable.
#FTM , #fantom , #Cryptocurrencies , #CryptoNewss , #priceprediction
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“