The post Fantom network grows: A sign of FTM’s incoming price rally? appeared on BitcoinEthereumNews.com.

Fantom’s price tested key levels, with increased network activity signaling potential recovery. Market sentiment showed optimism as bullish liquidations and technical indicators hinted at a reversal. Fantom [FTM], trading at $0.7934 at press time with a 2.16% drop in the past 24 hours, continued to spark interest despite its current downtrend.  Recent network data showed increased activity, raising the question: Could this mark the beginning of a price reversal?  Can FTM break free from its current range? FTM’s price remained within a tight range, with critical support at $0.7316 and resistance at $0.9671. A breakout above this resistance could push the price toward $1.08, a level with significant psychological importance.  However, failure to hold the current support could lead to further losses. The descending triangle pattern visible on the charts suggests a major price move may be imminent. Therefore, the next few trading sessions could determine FTM’s short-term trajectory. Source: TradingView Is network activity hinting at a bullish future? Fantom’s blockchain activity surged at press time, with new addresses rising by 38.46%, active addresses increasing by 23.52%, and zero balance addresses growing by 63.51% in the past week. This increase reflected growing interest and participation in the ecosystem, which could bolster FTM’s long-term value.  However, while these numbers looked promising, consistent growth will be essential to sustaining bullish momentum. Therefore, network activity remains a key indicator to watch. Source: IntoTheBlock MVRV ratio signals potential undervaluation The Market Value to Realized Value (MVRV) ratio has dropped to 17.39%, highlighting reduced profitability for FTM holders. Historically, such declines have preceded significant price moves, as they often signal undervaluation.  This could attract buyers looking to capitalize on discounted prices. However, persistent selling pressure could also push prices lower. Traders should monitor sentiment closely to gauge the market’s next move. Source: Santiment Are technical…

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Filed under: News - @ December 29, 2024 8:06 pm