Fantom (FTM) Price Surges 40%: Reasons and Trend Analysis
Fantom (FTM) price has surged 40% in the past month, causing widespread concern in the market. So, what are the reasons behind this impressive growth?
Recently, FTM price has shown a classic bullish trading pattern, and its rebound momentum has continued for nearly a month. According to data from Cointelegraph Markets Pro and TradingView, FTM rose from a low of $0.26 on August 5 to a high of $0.53 on September 16, an increase of 103%. Compared to other cryptocurrencies, such as Bitcoin, which is down 4%, and Ethereum, which is down 12.6% during the same period, Fantom certainly stands out in this volatile market.
Anonymous trader Mister Crypto said the strong performance was due to “a lot of development behind the scenes” on the Fantom team. The Sonic upgrade is coming soon. By introducing new virtual machines and optimizing the consensus mechanism, it is expected to significantly improve network performance and availability, laying the foundation for Fantom's future development.
Although the total value locked in DeFi applications is now down, there has been a 22% increase since August, leading to a slight resurgence in interest among community members in Fantom DApps. The increase in more and more active addresses also shows that investors are gradually regaining confidence in the platform.
From a technical perspective, FTM's current underlying support is strong, providing guarantee for it to maintain its upward momentum in the short term. If the price manages to break above $0.53 and sustain above this level, a larger breakout target may be possible.
Do you think Fantom can continue to lead the market? Feel free to share your thoughts!
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