Fantom (FTM) Rallies 63%, Highest Daily Active Addresses in 18 Months

FTM has rallied, gaining 63% over the past six days to reach $1.08 at the time of writing. This bullish momentum coincides with a spike in daily active addresses on the network, reaching its highest level in almost 18 months.

Cryptocurrency price movements are often influenced by various factors, including network activity, development updates, and community engagement. In the case of Fantom (FTM), a recent surge in daily active addresses has coincided with a significant price rally.

According to data from Santiment, a blockchain analytics firm, Fantom recorded 2,132 unique daily active addresses making transfers on November 24-25. This activity marks a substantial increase compared to previous peaks, such as the 1,489 addresses logged on December 22-23, 2023, and the 2,040 addresses noted on March 19-20, 2024.

Historically, such high levels of activity on the Fantom network have signaled near-term price tops, with corrections often following as excitement fades. These patterns suggest that Fear of Missing Out (FOMO) among traders drives temporary spikes in utility. It remains to be seen whether Fantom’s current rally will continue.

FTM’s Price and Market Metrics

FTM is currently trading at $1.08, giving it a market capitalization of $3.02 billion. Its 24-hour trading volume is $1.35 billion, up 53.39% from the previous day.

The FTM weekly chart shows bullish momentum, with the price breaking above all key exponential moving averages (EMA 20/50/100/200). The current price, at $1.08, is well above the 200-day EMA at $0.4628, confirming a solid uptrend. The 20-day EMA ($0.6928) and 50-day EMA ($0.6026) show a widening gap, reinforcing bullish sentiment.

However, the Relative Strength Index (RSI) is at 66.06, indicating that FTM is approaching overbought conditions. This implies that FTM’s bullish momentum could weaken. The cryptocurrency has surged past the key 78.6% Fibonacci retracement level at $1.02, turning it into a critical support zone.

The token, nonetheless, faces a resistance level of $1.22, a zone last seen on March 18. If FTM breaks this level, it could see additional gains. If it fails to break past $1.22, a pullback to $0.86—aligned with the 61.8% Fibonacci retracement level—is possible. Alternatively, a sustained rally could see the token reach $1.49, which coincides with the 127.20% Fibonacci extension.

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