The sell-off and market uncertainty have been at odds with one another for the past two months in the cryptocurrency market. The Fantom price has lately sliced through another resistance around the $0.3 mark, presenting a fresh entry opportunity.
The downsloping trendline presented dynamic resistance to the FTM price from May 23 to July 5, driving it to a low of $0.1961. The coin price, however, broke through the resistance trendline on July 6 and soared to the immediate supply zone of $3.
An Ethereum (ETH) rival is expected to surge, according to a crypto analyst, as one of its on-chain indicators displays encouraging strength. The presenter of InvestAnswers tells in a recent video update that Fantom, an Ethereum rival, and its steady increase in daily transactions may indicate bullish action for FTM in the near future.
When compared to Ethereum transactions, this is how Fantom works. You all know that I enjoy examining transactions. Transaction rates, daily active users, and other such information. If you compare the amount of transactions made here on a daily basis, Ethereum has 1.2 million versus Fantom’s 922,000.
“If you look at the graph, Fantom… it’s going slowly since May 2021. So it’s slow and steady and that sometimes is very good. It wins the race. We’re not seeing a huge dropoff in transactions like other chains, so this is bullish for Fantom. It might be worth another look.”
What Next For FTM Price?
If Fantom is able to overcome its immediate barrier, the smart contract platform is aiming for a significant rise from present prices, according to the analyst’s analysis of FTM’s technicals.
According to him, at around $0.34, there is a small amount of resistance, and if it moves forward, there may be a 12–20 percent run beyond that. Who knows, we might quickly increase to $0.40 or possibly a little bit more.
There is currently a positive thesis on this. When he looked at Fantom’s volume, it was 310 million, which is a significant increase over previous volumes. As a result, activity is picking up again.