Bullish Trend Ahead: Fantom (FTM) Rise Signals Potential For Powerful Rally Towards $0.65
21 Dezembro 2023 - 10:30PM
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Fantom (FTM) has recently displayed remarkable performance,
surpassing several leading digital assets such as Bitcoin (BTC),
Ethereum (ETH), and Binance Coin (BNB) among others. Over the
past 24 hours, FTM has experienced a notable surge of 9%,
propelling its price to the $0.4950 level. This upward momentum has
sparked optimism within the market, with the potential to drive FTM
towards its yearly high of $0.65. Fantom Poised For Upward Surge?
Crypto analyst Ali Martinez has shared insights into the promising
outlook for Fantom. Martinez emphasizes that FTM trading above the
critical resistance level of $0.47 signifies a significant bullish
turning point. Furthermore, the analyst notes that there are
no major obstacles in sight until the $0.65 level. As long as FTM
remains above this crucial level, Martinez predicts a strong rally
for the token. Related Reading: Neon EVM Hits Record-High 730 TPS
On Mainnet With FTM’s breakthrough above the $0.47 resistance
level, the stage is set for further gains. The absence of
significant barriers until the $0.65 mark provides an encouraging
backdrop for FTM’s potential upward trajectory. Analyst Ali
Martinez’s assessment reinforces the belief that as long as FTM
maintains its position above $0.47, investors should prepare for a
robust rally in the token’s price. Social Media Buzz Surrounding
FTM In recent weeks, Layer 1 (L1) blockchain protocols have taken
center stage in the cryptocurrency community. Tokens such as
Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL)
have outperformed major cryptocurrencies. However, amid this
L1 surge, Alpha Scan highlights that Fantom has emerged with
impressive sentiment strength, capturing the attention of market
participants and further bolstering the protocol’s native token
price surge. According to a recent post on X (formerly Twitter) by
the sentiment analytics firm, an analysis of social media
conversations reveals that a staggering 61% of all monthly mentions
of FTM have occurred within the last seven days. This sudden
surge in mentions commenced on December 9th, indicating a
heightened interest and positive sentiment surrounding the token.
Over the past 30 days, 28 key accounts have actively discussed FTM,
further emphasizing its growing significance. Notably, 20 of
these key accounts have specifically highlighted FTM within the
last seven days, reflecting a heightened level of attention and
engagement within a relatively short period. This ratio of key
account engagement during the past week indicates a distinct rise
in interest and potential market influence. Annualized Increase
Reinforces Positive Outlook According to Token Terminal data, in
addition to the social media buzz surrounding the protocol and its
native token, Fantom’s market capitalization has reached
approximately $1.38 billion, with a remarkable increase of 18.47%.
This surge reflects the growing demand for FTM and its expanding
market presence. In terms of revenue, the token has witnessed
substantial growth, with a 30-day revenue increase of 734.11% to
$171.73k. Moreover, the annualized revenue has surged to $2.09
million, representing a significant rise of 813.75%. Related
Reading: Matrixport Foresees Bitcoin Hitting $50,000 Price Mark:
Here’s When Moreover, Fantom’s fully diluted market capitalization
stands at around $1.57 billion, indicating a substantial increase
of 43.39%. This growth further reinforces the market’s confidence
in the protocol’s prospects. When considering performance
ratios, the P/F ratio (fully diluted) is calculated at 203.80x,
while the P/S ratio (fully diluted) is reported at 679.33x.
Although both ratios have dipped by 82.8%, they still suggest a
strong valuation for Fantom relative to its performance. Featured
image from Shutterstock, chart from TradingView.com
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