Fantom (FTM) price has crossed above $0.47 after surging double digits on Thursday. The daily trading volume had jumped 116% to $337 million, while open interest in Fantom futures had soared by 25% to $123.6 million as of December 21.
With FTM price up 15% in the past week and nearly 56% in the past month, are bulls strong enough to push further? According to one crypto analyst, this could be the case after the Fantom price broke higher today.
Analyst says FTM price could rally to $0.65According to crypto analyst Ali, the breakout to this level could see FTM extend the gains as there’s no major resistance zone until around $0.65.
Commenting on the price outlook for Fantom, Ali shared a chart on X showing that the region between $0.45 and $0.46 offers a robust support zone.
#Fantom trading above $0.47 marks a significant bullish turn, as there's no major resistance in sight until $0.65. As long as $FTM stays above this crucial level, brace for a strong rally! pic.twitter.com/TUIy34rMEF
— Ali (@ali_charts) December 21, 2023According to the trader, should FTM bulls maintain their hold above this zone, they could be looking at a new leg up. He sees the $0.65 as the next major hurdle, suggesting a potential 38% upside for the layer-1 blockchain token.
A look at the Fantom price charts shows the daily Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signal a bullish continuation.
Fantom price chart. Source: TradingViewFantom’s bullish outlook has been in place since October when the testnet for the Fantom Sonic upgrade went live. The upgrade is set to introduce the Fantom Virtual Machine, bringing faster smart contracts execution to the network.
Other upgrade features include the Carmen database storage and Optimized Lachesis consensus. These will bring data efficiency and improved transaction pool to Fantom, with up to a 90% reduction in storage needs. Sonic will also benefit validators.
The Fantom Sonic mainnet is expected to go live in spring 2024 and could herald a new era for Fantom’s DeFi and gaming ecosystem.
FTM price was hovering above $0.49 at the time of writing, 10% up in the past 24 hours.
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