Fantom (FTM) price has gained value due to interest in the upcoming Sonic upgrade and increased user engagement. The MVRV ratio is back in the positive territory, suggesting that FTM may be undervalued with potential gains. MACD is indicating that FTM could rise to $0.43, while a potential rejection risk at $0.40 is at risk.
FTM has caught the attention of the broader crypto market, rising 13% this week and becoming one of the top altcoins. With the Sonic transition approaching, Fantom seems to be off to a good start with this move. Sonic is a Layer-1 blockchain platform that supports decentralized application development with a Layer-2 bridge connecting to Ethereum (ETH).
Indicators are pointing to Fantom as an underappreciated gem. On August 5, after a broad market crash, FTM’s price fell to $0.26, during which time its 30-day Market Value to Realized Value (MVRV) ratio was recorded as -30.88%. The MVRV ratio is a metric that measures market profitability and shows increasing unrealized profits. A negative ratio indicates that the average return will be lost, while a positive ratio indicates the potential for more gains.
The recent price rally has pushed the MVRV ratio back into positive territory. Historical data shows that Fantom usually continues to rise when the MVRV ratio turns positive, indicating further upside potential. Given these factors, it suggests that FTM may be undervalued and could rally above $0.40 in the short term.
According to IntoTheBlock data, Fantom’s active, new, and zero-balance addresses have grown over the past seven days, supporting this view. This increase suggests increasing user engagement on the blockchain, and that the price increase is not just a movement, but is also supported by active participation.
If this trend continues, the bullish case for FTM could become even stronger. It was also confirmed that Sonic Labs would be transitioning to FTM’s “S” ticker and adding it to the Sonic roster. This development suggests that Sonic’s Q4 launch plan could be a reality and could boost optimism for FTM.
Technical analysis suggests that the price of FTM may continue to rise. The MACD indicator, in particular, is maintaining a positive trend. The MACD tracks the relationship between two Exponential Moving Averages (EMAs) to determine trend direction and identify optimal entry-exit points. A positive MACD reading provides momentum that increases the likelihood that the price of FTM will continue to rise. If this rise continues, the value of FTM may reach $0.43. However, the cryptocurrency may be rejected at $0.40, in which case the FTM price may drop to $0.35.
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