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- Fantom network has processed nearly half a million transactions since its inception, thus indicating a sharp uptick in demand amid the bullish awakening.
- The layer one smart contract network with a TVL of $352 million has attracted notable attention from multichain DeFi developers amid the mass adoption of Web3 projects.
Fantom (FTM), a fast-growing layer one smart contract-oriented blockchain with a vibrant decentralized financial (DeFi) ecosystem, has been making respectable moves in the past few weeks, which is worth paying close attention to. The medium-capped altcoin ranked 61st by market capitalization has rallied about 79 percent YTD to trade around 42 cents at the time of this report amid the Bitcoin-led altcoin awakening.
As a well-funded multi-chain hub, Fantom network has been developing the necessary infrastructure to attract mass adoption of the web3 industry. Moreover, the Fantom network has been processing large transactions, which suggests heightened demand by institutional investors.
Closer Look at Fantom Price Action
Fantom price has been on a rising trajectory following a successful rebound from the support level of around 18 cents that was established during the 2021 crypto bull market. In the weekly time frame, the FTM price has retested the same support level more than three times, thus indicating a significant liquidity level. From a different technical perspective, the FTM price has broken out of a descending triangle amid the ongoing altcoin awakening.
Additionally, the FTM price has rebounded on the weekly 50 Moving Average (MA) and is currently retesting the resistance zone between 42 cents and 66 cents. Notably, a successful breakout from the resistance range below 66 cents could yield a 160 percent spike in the coming weeks.
Moreover, the weekly Relative Strength Index (RSI) is attempting to rally above 70 for the first time since the 2021 crypto bull run following a bullish divergence coupled with a head and shoulder (H&S) formation. The next auto Fib Extension price target for FTM is around 97 cents, which can be achieved after a successful breakout on the resistance level of around 64 cents. Meanwhile, the altcoin is undeniably preparing for a bullish rally toward an all-time high following an 18-month horizontal consolidation during the 2022/2023 crypto winter.
Market Picture
Fantom has grown to a mature multi-DeFi ecosystem with more than $79 million in total value locked and over $352 million in stablecoins market cap. The multichain web3 ecosystem will significantly benefit from the mass adoption of digital assets and blockchain technology fueled by institutional investors. Moreover, Fantom Foundation is well funded following the $40 million early funding round that has enabled the hiring of talented talents, especially software developers.
Why Invest in FTM?
The Fantom team has been developing the necessary infrastructure to enable the mainstream adoption of its DeFi protocols in the past few years. With the Fantom Wallet, crypto investors can seamlessly venture into the different multichain protocols like Stargate cross-chain, WigoSwap, and SpookySwap DEX, among many others. As a medium-capped altcoin with notable positive fundamentals, the FTM price is well positioned to rally beyond its ATH, possibly after the 2024 Bitcoin halving.
