Fantom (FTM) Bucks Market Trend, Soars 8% to Claim Top Gainer Spot
Fantom's price is up despite the markets downturn, making it the biggest gainer today. Will the momentum continue?
Key Takeaways
- Fantom outperformed the market with a 10% daily rise.
- FTM is up 50% from its August low and is now nearing resistance.
- New CTO Andre Cronje drives innovation and optimism.
With the cryptocurrency market bleeding red and the total market cap plummeting by 5% overnight, Fantom’s FTM token is bucking the market trend with an 8% gain, making it the top gainer of the day.
As the market struggles to find its footing, FTM’s unexpected surge has caught the attention of investors and analysts alike. But what’s behind this sudden rally, and can FTM sustain its momentum?”
What Drove The Demand?
Fantom has gained 50% since its Aug. 5 low.
The asset’s price surge since early August can be attributed to several key developments.
One major catalyst is the appointment of Andre Cronje , the founder of Yearn.finance and a prominent figure in the DeFi space, as the new Chief Technology Officer (CTO) of the rebranded Sonic Labs.
With Cronje at the helm, Fantom aims to drive innovation through initiatives like the Sonic Gateway, a new bridging technology that enhances interoperability across blockchain ecosystems, including Ethereum.
The rebound in the broader DeFi sector has also had a ripple effect on Fantom, with capital flowing back into various protocols, including those built on the Fantom network. This influx of capital has contributed to a positive sentiment shift and price appreciation for FTM as investors regain confidence in the sector.
From a technical standpoint, Fantom’s chart is flashing bullish signals. The token has consolidated within a critical support range and is testing the upper edge of the Ichimoku cloud, a key resistance level that could trigger further upward momentum if breached.
Moreover, data suggests that investors are holding onto their FTM tokens, with net outflows from exchanges indicating a reduction in available supply and contributing to the price increase.
FTM Price Analysis
Fantom embarked on a new bullish cycle after bottoming out at $0.17 on Oct. 18, 2023. Subsequently, the price surged to a yearly high of $1.20 on March 22. However, this peak was followed by a significant 55% decline, bringing the price down to $0.56 by April 13. Despite a 70% recovery to a high of $0.97 on May 21, we saw another downtrend, leading to a low of $0.26 on Aug. 5.
The price action exhibited a three-wave corrective pattern following an initial five-wave upward movement, indicating a corrective phase. The daily chart RSI fell to the oversold zone of 23%, and a reversal was seen.
Since its recent low, FTM has recovered over 50% and is now approaching the resistance of its descending triangle. As our wave analysis points out, the price could be gearing up for a breakout above it if the corrective stage is over.
A breakout above the descending trendline would signal the start of a bullish phase. However, as the price approaches this level, we will see how it interacts. If it is rejected, FTM could face more downside.
Fantom Price Prediction 2025: FTM Rebrand to Sonic Set to Boost Price
FTM Price Could go Parabolic as Fantom Makes Staking 90% More Accessible
