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Digital currencies presented a mixed performance on Tuesday, with Fantom leading with substantial 24-hour gains.

Fantom migrated to Sonic (S) to bolster investor confidence and support stable price performances.

FTM trades at $0.6045 after breaking out of a falling symmetrical triangle, and the enhanced network activity supports further gains.

Magnified bullish momentum would support price upswings towards $0.85 – a more than 40% increase from the current price.

Fantom witnessed amplified network activity in the past seven days, with new wallets surging by 35%, according to IntoTheBlock.

That reflects enhanced user engagement and growing adoption – catalysts for steady price actions.

Also, existing participants displayed enthusiasm, with active addresses up 10% in the past week.

IntoTheBlock confirms FTM’s shifting bias to bullish.

Besides the positive network growth, the “in the money” metric jumped by over 20%, highlighting more holders in profit at prevailing prices.

The bullish concentration signals accumulation by dip-pocketed players and retail traders, highlighting their conviction of FTM’s impressive performance in the upcoming sessions.

However, the 13% dip in large transactions indicates lessened whale activity within the Fantom ecosystem.

The altcoin hovers bullishly at $0.6045 with a 24-hour high and low at $0.6381 and $0.54, respectively.

It breached the descending channel’s resistance at $0.56.

Stability beyond this level will propel the token towards $0.85, translating to a 40% uptick.

Such a performance would magnify optimism, potentially pushing prices beyond the sought-after $1.

Fantom might stretch the upside to $1.43 – an approximately 136% increase from the current price.

Nevertheless, sudden selling pressure would shift the narrative to bearish.

The alt will plunge to $0.56, and failure to hold this footing might call for the $0.40 – $0.45 region.

Also, the emerging profit-taking after the latest gains will delay the anticipated FTM growth. 

Fantom’s Market-Value Realized Value Short/Long difference has seen a significant dip, demonstrating changing market sentiments.

A decline in this indicator often signals profit-taking from participants who purchased at discounted prices.

Such trends highlight looming selling momentum, challenging FTM’s upward movements.

Meanwhile, Fantom’s fate depends on it holding above the $0.56 mark.

Broad crypto market developments remain vital for the alt’s trajectory.

Cryptocurrencies remained indecisive amidst macroeconomic uncertainties.

Bearish sentiments like the latest scam project tied to the Argentine government have ruined sentiments.

Nevertheless, Bitcoin’s trends bring hope.

CryptoQuant data shows BTC spot exchange reserves have plunged to record lows.

The metric has seen steep declines since the 2020 – 2022 growth.

That means more players withdrawing Bitcoin from crypto exchanges.

That signals long-term holding. That will likely diminish selling pressure with few BTC accessible for trading.

The declined reserve sparked speculations of potential supply shock that could propel BTC prices similar to previous cycles.

Bitcoin uptrends will mean solid moves in the alt space, supporting FTM’s anticipated 40% surge.

The post FTM price analysis: 40% gain potential as new and active addresses surge appeared first on Invezz

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