The sell-off and market uncertainty have been at odds for the last two months in the cryptocurrency market. Fantom price has recently broken through another resistance around the $0.3 mark, presenting a new entry opportunity.
The descending trend line presented dynamic resistance to the FTM price from May 23 to July 5, taking it to a low of $0.1961. The price of the coin, however, broke the resistance trend line on July 6 and shot up to the $3 immediate supply zone.
A rival to Ethereum (ETH) is expected to emerge, according to a crypto analyst, as one of its on-chain indicators shows encouraging strength. The InvestAnswers presenter says in a recent video update that Fantom, an Ethereum rival, and its steady rise in daily transactions may signal bullish action for FTM in the near future.
Compared to Ethereum transactions, this is how Fantom works. Everyone knows that I enjoy examining transactions. Transaction rates, daily active users, and other similar information. If you compare the number of transactions that take place here on a daily basis, Ethereum has 1.2 million against Fantom’s 922,000.
“If you look at the chart, Fantom… it’s been slow since May 2021. So it’s slow and steady and that’s very good sometimes. Win the race. We are not seeing a huge drop in transactions like other chains, so this is bullish for Fantom. Might be worth taking another look at.
What’s next for the price of FTM?
If Fantom is able to overcome its immediate hurdle, the smart contract platform points to a significant increase from current prices, based on analyst analysis of FTM technicals.
According to him, around $0.34, there is a small amount of resistance, and if it goes up, there may be a 12 to 20 percent run beyond that. Who knows, we could quickly go up to $0.40 or possibly a bit more.
Currently there is a positive thesis about it. When he looked at Fantom’s volume, it was 310 million, which is a significant increase from previous volumes. As a result, activity is picking up again.
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This post Fantom Price (FTM) To See 20% Rise In The Next Days, On-Chain Suggestions Metric
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