Is Fantom Cruising Through Market Turbulence with Zen-Like Calm?

Despite market turbulence, Fantom holders remain calm and Zen-like, cruising through the chaos with a sense of tranquility. The Ethereum challenger, Fantom, is soaring amidst the market mayhem, outperforming other tokens with its impressive surge. Despite the negative sentiment gripping the crypto space, Fantom seems unfazed, embracing the "no news is good news" approach. With its unique Lachesis Protocol and multiple execution chains, Fantom continues to stand out in the volatile market.

Is Fantom Zen-ing Out on the Sidelines Amid Market Turbulence?

Fantom (FTM) holders seem to be embracing the "no news is good news" approach, seemingly unfazed by the market turmoil and negative sentiment that's currently gripping the crypto space.

Fantom: The Ethereum Challenger

Launched in 2018, Fantom is a Layer 1 blockchain designed to compete with Ethereum. It employs a unique consensus layer called Lachesis Protocol to support multiple execution chains.

FTM Soars Amidst Market Mayhem

FTM has registered an impressive 13.7% surge in the past 24 hours, making it the top performer among the top 100 tokens by market capitalization. This stands in stark contrast to the overall market sentiment, with 87 of the top 100 tokens experiencing a downturn in the previous day.

Fantom's Stellar Week

Yesterday, the market painted a different picture, with nearly 90% of tokens posting gains. However, the current landscape presents a sharp contrast, with only 13 tokens in the green. Among these, Fantom led the pack, climbing from $1.04 to $1.18 in just the last 24 hours. This upward trajectory is not a recent phenomenon; the coin was trading at $0.76 just seven days ago, marking a substantial 55.6% increase in value over the past week.

What's Driving Fantom's Bullish Momentum?

Fantom's bullish performance can be attributed to anticipation surrounding its upcoming network upgrade. The Sonic upgrade, scheduled to transition from testnet to mainnet in the spring of 2024, is expected to significantly enhance transaction processing speeds. The Sonic mainnet will replace the current mainnet Opera, which currently has a throughput of just 3.2 transactions per second.

Fantom Sonic: Ushering in Scalability

The closed testnet with simulated users has demonstrated a maximum theoretical throughput of 2,000 transactions per second (TPS) with a time to finality of 1.1 seconds. This upgrade could revolutionize the network's efficiency and attract more developers to the ecosystem.

Fantom Digital Machine: A Developer's Delight

Another enhancement that has captured the attention of traders and enthusiasts is the new Fantom Digital Machine (FVM). The team behind Fantom has indicated that it will translate the Ethereum Virtual Machine's (EVM) code into Fantom's native format, enabling developers to transition seamlessly and enjoy much faster execution times. This could potentially boost network adoption and further strengthen Fantom's utility.

FTM's Technical Outlook: Bullish Momentum

From a technical standpoint, FTM has been on a bullish streak since late January, showing no signs of correction throughout the year, unlike Bitcoin, Ethereum, and other tokens. The gap between the EMA10 and EMA55 (the average prices of the past 10 and 55 periods) suggests bullish momentum, and the relative strength index (RSI) indicates a buying frenzy with 77 bulls and 33 bears in a 100-point market situation.

FTM's Resistance Test: A Critical Juncture

FTM is currently testing a resistance zone between $1 and $1.10, a level that served as support on three occasions between September 2021 and April 2022. This is the first time since then that the coin has reached these levels.

If Resistance Breaks, Where Next?

If FTM fails to break through this resistance and corrects to a lower point on the chart, immediate support appears to be around $0.90. However, if it manages to break through and maintain its bullish momentum, the next target could be around the $1.5 level.

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