Fantom Explodes: 180% Surge and Record-Breaking Trading Frenzy

The Fantom (FTM) cryptocurrency has surged 180% in the last 2 months, driven by a jump in trading volume. Despite initial resistance at the $0.500 level, intense buying pressure pushed the price higher. However, recent bearishness has led to a 20% decline, and the price is currently hovering around $0.945 with support at the 20-day exponential moving average.

Fantom Soars: 180% Surge and Explosive Trading Activity

In a remarkable display of market momentum, the price of Fantom (FTM) has surged by an impressive 180% over the past two months, painting a bullish picture for the cryptocurrency. This upswing has been accompanied by an equally impressive 58% increase in trading volume over the last 24 hours.

Breaking Past Resistance, Triggering Buying Frenzy

FTM's upward trajectory has been characterized by a breakout from the long-held resistance level of $0.500. This breakthrough, coupled with intense buying pressure in early March, has propelled the price into uncharted territory.

However, the FTM price has recently faced resistance at the $1.20 mark, with sellers twice pushing down the gains. Despite this setback, the cryptocurrency continues to trade at an elevated level of $0.945, exhibiting a 5.84% decline over the past 24 hours.

Market Capitalization and Supply Metrics

Fantom's market capitalization currently stands at a substantial $2.68 billion, while its fully diluted market cap reaches $2.99 billion. The circulating supply of FTM coins is 2,803,634,836, with a total supply of 3,175,000,000.

Whales Maintain Dominance

According to available data, whales, or large holders, have maintained a consistent grip on the FTM market for the past year. Their holdings currently account for a significant 77.40%, while other participants hold the remaining 22.60%.

In terms of market value, whales hold an impressive $1.64 billion, while investors and retailers hold $214.43 million and $285.64 million, respectively.

Trading Volume: Correlation with Price

The surge in FTM's price has been closely linked to a corresponding increase in trading volume. At the start of March, trading volume experienced an extraordinary 800% jump within a few weeks, heavily influencing the upward trajectory of the cryptocurrency. However, in the past 10 days, trading volume has declined from $1.18 billion to $266 million, coinciding with a 25% price drop. Should trading volume continue to fall, it could signal a potential bearish trend in the coming weeks.

Social Media Presence: Impact on Price

Fantom's social dominance and social volume have witnessed a downward trend in recent days, mirroring the negative price action. However, an increase in awareness and discussion of FTM on social media platforms like X, Instagram, and Telegram could provide a positive catalyst for the price.

Technical Analysis: Bullish Trend, Potential for Pullback

Technical analysis of FTM's price chart reveals a bullish trend that has reached a 52-week high. However, the recent negative price action has seen support emerging at the 20-day exponential moving average (EMA).

If trading volume increases and buyers push the price to the previous swing high, the current downward movement could transition into a pullback. Should the price trigger a pullback and attract investor interest, the bullish trend may continue for an extended period.

Conversely, if the FTM price slips below the 20-day EMA and sustains that level, sellers may drive the price toward the $0.800 support level. A break below $0.800 could lead to a further decline to the 200-day exponential moving average.

The FTM price remains above the 200-day EMA, indicating continued buyer strength. Additionally, the RSI indicator is at 52, signaling a gradual decline from the overbought zone.

Conclusion: Bullish Momentum Intertwined with Short-Term Negativity

The FTM price chart demonstrates strong buying momentum in the short term, but has taken a negative turn in the broader time frame. A breakout above the previous swing high could lead to an extended bullish trend, while a drop below the 20-day EMA could empower sellers to drive the price lower.

Technical indicators suggest a potential pullback, highlighting the importance of increased trading volume and positive investor sentiment to sustain the bullish trend.

Disclaimer:

This article is provided for informational purposes only and does not constitute financial, investment, or other advice. Neither the author nor any individuals mentioned in this article are liable for any financial losses incurred as a result of investments or trading based on the information provided. Readers are strongly advised to conduct thorough research before making any financial decisions.