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Why Fantom’s $0.84 resistance could define its next move
Fantom (FTM) has recently surged by 20% in the last 24 hours, pushing its price to an astonishing $0.836 at press time. This remarkable upswing is largely attributed to its strategic rebranding as Sonic, which aims to revamp the blockchain’s image and make it more attractive to investors.
Moreover, on-chain data from IntoTheBlock highlights a substantial increase in active addresses, with a staggering 186% spike. This rise in network activity indicates that FTM’s ecosystem is experiencing an influx of users, hinting at a broader adoption and usability.
Additionally, exchange outflows have been trending downwards since January 6th, suggesting a decrease in selling pressure. This reduction in outflows could potentially create a favorable environment for sustained price growth.
As the market responds to these fundamental shifts, FTM’s current rally is no longer purely speculative but backed by concrete developments. With this confluence of factors, it appears that the altcoin’s trajectory is being driven by evolving fundamentals rather than fleeting sentiment.
Moving forward, all eyes are on the $0.84 resistance level. Historical data shows that this mark has previously served as a strong barrier for FTM’s rallies. Should the altcoin manage to break past this critical hurdle, it may trigger a new upward momentum and potentially drive the price towards the psychological threshold of $1.
On the other hand, if Fantom fails to breach this resistance level, there is a likelihood that the price will pull back and retest support levels around $0.80.
In the long run, the success of FTM’s Sonic rebranding could lead to increased adoption and further growth of its ecosystem. As active addresses continue to rise, the platform may attract more users and solidify its position in the blockchain market.
The future trajectory for Fantom is now dependent on whether it can surpass the $0.84 resistance.
Source: ambcrypto.com
