Key Takeaways:
- Fantom price appears to have ignited a bull run as the prices have inflated by more than 150% since the beginning of the year
- As the bulls are expected to prevail for a long, the FTM prices could also maintain a notable upswing throughout the year and reach $1 at the earliest
- The FTM price closed the previous day’s trade on a bullish note at $0.499 with a market capitalization of $1.37 billion and a circulating supply of 2.77 billion
Read More: Top Crypto That Crashed More Than 70%
Fantom, a secure and highly scalable smart contract platform has been trading under the acute bearish influence for quite a long time. The bulls failed to ease the bearish dominance regardless of the ‘Father of DeFi’, Andre Cronje began to lead the technical progress of the platform. However, in the past few days, the price has displayed an immense bullish momentum due to which the FTM price now marks an 8-month high.
The Fantom foundation recently announced a novel interchain communication platform that will be provided by Axeler to expand the web3 ecosystem. With the integration to the Axeler core, the users of the platform may have access to the other 30 different chains in a secured environment using a Proof-of-Stake consensus and permissionless protocols.
Alongside, the founder of Yearn Finance, Andre Cronje who is well-known to create hype and reverse it has made yet another announcement on Fantom. He said ‘There will be no announcements,” as the team would be just discussing the progress. It was the time when the FTM price lit up and surged with a huge margin.
FantomToken Technical Overview
Source: Tradingview
- Fantom price has been trading flat around the lower bottoms for quite a long time and manifested a bullish divergence during the past fortnight
- With a rebound, the price uplifted from the lower support at 0 FIB levels and is about to these the upper levels at 0.2 FIB levels at $0.466
- However, the price is facing a pullback after testing these levels that cannot be validated as a rejection, presently
- Therefore, after a brief consolidation, the price is believed to ignite yet another upswing that may uplift the price beyond $0.5 and get close to the 0.3 FIB levels.
FantomToken On-Chain Analysis
Fantom Supply on Exchanges
Source: Santiment
The supply on exchanges indicates the number of tokens present in the wallets held by the exchanges. These metrics indicate the market sentiments with respect to the token and analyze whether the market participants are bullish or bearish on the token. A rise in the supply usually ignites a FUD as the traders transfer their cryptos onto the exchanges with an intention of either selling the token or swapping it for another.
However, the supply on exchanges has been depleting heavily which clearly indicates that the traders are bullish on the Fantom price rally. Therefore, they accumulate and hold in their wallets for a longer time. Therefore, it may have a significant impact on the FTM price that may maintain a healthy upswing ahead.
Fantom Daily Active Addresses
Source: Santiment
The daily active addresses (DAA) is the number of addresses that interact with the platform in a day. Regardless of whether the address performs a buy trade, sell trade or swap the tokens, every address is considered only once a day. The DAA indicates the activity over the platform, which in turn determines if the interest of the trader over the platform.
The DAA in the case of Fantom has been surging extremely high for the past few days. This indicates that the traders are constantly carrying out a trade which has kept the network activity and the price volatile. The market participants and the investors usually get attracted to the active platforms which may further enhance the value of the token too.
Additional Read: Avalanche Price Prediction
Fantom Network Growth
Source: Santimnet
Network’s growth is also similar to that of the Daily active address but it records the address which has carried out any trade for the first time. It is a metric that indicates the activity of the new address to determine the user adoption over time just to know whether the project is gaining traction or losing it.
The project’s network growth has been dropping headily until the end of 2022 as the market participants were not lenient towards the platform. However, with the beginning of 2023, the metrics may have gained significant momentum and risen upwards.
Concluding Thought!
Fantom price after maintaining a steep bearish trend has now begun to rise towards the higher targets. Meanwhile, the on-chain metrics also point towards the revival of a strong bullish trend as the active address count has surged heavily including the development activity and network growth. Moreover, a drop in the supply of the exchanges also substantiates the claim that the FTM price is about to explode and reclaim $1 in the coming days.
