news 
Fantom network grows: A sign of FTM’s incoming price rally?
Recent data suggests a surge in Fantom’s blockchain activity, sparking hopes for a potential turnaround. Can the momentum translate into a price reversal or will bears continue to dictate the narrative?
As the cryptocurrency market continued to oscillate in recent weeks, Fantom [FTM], trading at $0.7934 with a 2.16% drop over the past 24 hours, has been gaining attention. Following this latest update, there are some reasons to believe that FTM could be on the cusp of a significant price move.
In a shocking turn of events, Fantom’s network activity has seen an unprecedented surge in new addresses by 38.46% in the last week alone, accompanied by active addresses growth at 23.52%, and zero balance addresses growing by a staggering 63.51%. These figures suggest that interest in the ecosystem is indeed on the rise.
While this data may not be enough to guarantee a price rally, it does provide some cause for optimism. One must consider the impact of rising network activity on FTM’s value, as increased participation often correlates with growing adoption and subsequently higher prices.
Moreover, if the market sentiments continue to favor the bulls, we might see the end of this stagnant period. However, FTM’s price would have to break above resistance levels at $0.9671 for any upward movement. If a breakout does not occur and the asset fails to maintain its current support level around $0.7316, further losses could be imminent.
On other fronts, technical indicators are flashing mixed signals. The Relative Strength Index (RSI) has reached 50.37, indicating neutral momentum at the moment. This slight tilt towards recovery could lead to a turning point for FTM’s price movement in the short-term. Nevertheless, it is crucial to monitor these trends closely as they can easily shift.
Liquidation data also points towards an imbalance between long and short positions, showcasing that many traders are prepared for an upward price adjustment. Despite this optimism, it would be essential to examine other market factors as well.
In conclusion, the latest developments in Fantom’s network growth, along with a significant imbalance in liquidations, may hint at a forthcoming price recovery for FTM.
Source: ambcrypto.com
