The post Fantom Shows Potential for Market Rally Amid Strong Network Growth and Key Resistance Levels appeared on BitcoinEthereumNews.com.

Fantom is showing strong momentum with recent bullish metrics, suggesting the potential for a significant market breakout. With a remarkable 23.13% surge, Fantom’s price trajectory is increasingly influenced by its expanding user base and on-chain metrics. According to COINOTAG, “Network growth and adoption metrics are indicative of a foundational shift for Fantom’s market positioning.” Fantom (FTM) shows substantial growth potential, driven by rising network adoption and bullish market signals, suggesting it could lead a broader crypto rally. Fantom chart analysis: price movement, key levels, and targets Fantom’s technical chart is increasingly bullish, having recently broken through the $1.00 barrier, which is now acting as a solid support level. The immediate resistance is identified at $1.14, a critical psychological threshold for traders. If the current bullish momentum persists, Fantom could approach the $1.50 resistance mark. A successful breakout above this price could indicate a long-term rally is in the making. However, market participants should remain vigilant, as a retracement could occur, especially if the price approaches the $0.84 support level, which corresponds with a long-standing ascending trendline. Source: TradingView The network growth indicators provide strong evidence of increasing user interest. Over the past week, new addresses on the Fantom network surged by 73.68%, while zero-balance accounts have increased by 55.47%. These numbers demonstrate a solid influx of users who are joining the Fantom ecosystem. Furthermore, the rising activity levels are reflective of growing confidence in the FTM token, which will likely bolster its price in the aftermath of this positive adoption trend. Source: IntoTheBlock On-chain signals: bullish or cautious? The on-chain signals for FTM indicate a predominantly positive sentiment within the market. The net network growth has recorded a +0.54% increase, suggesting ongoing expansion of the user base. However, it’s worth noting a slight dip in the “In the Money” metric…

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Filed under: News - @ December 22, 2024 10:23 am