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Is Fantom’s 12% rise the start to a long-haul rally?

3min Read

As it stands, it does not seem like the demand for the token will wane soon.

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  • FTM may climb to $0.65 as it faced no resistance and because of a potential meme season.
  • The token was overbought but this may not hinder the growth.

Like many altcoins, the value of Fantom [FTM] rose in the last 24 hours. At press time, FTM’s price was $0.49—a 12.17% hike within the mentioned timeframe.

However, the jump might be the tip of the iceberg as crypto analyst Ali Martinez noted that there is room for more growth.

A bullish turn?

Martinez posted about FTM on his X account on 21st December. According to him, no resistance in sight could stop FTM’s rally. He also noted the token might hit $0.65 as long as it trades above $0.47.

The analyst’s prediction might not surprise those who have been following the market in recent times. A few days ago, AMBCrypto reported about the Fantom native token. In the report, we discussed the resurgence and increased demand for FTM.

As it stands, it does not seem like the demand for the token will wane soon. One reason for this conclusion is the speculation that a Fantom meme season could be close.

AMBCrypto investigated if there was any truth in the rumors. Based on our findings, meme coins like CEKKE, MAFIA, and CRONJE (named after Fantom’s co-founder Andre Cronje) are being deployed on the ecosystem.

Because of this, demand for FTM may continue to increase. This potential increase could also trigger a rise in the price.

Furthermore, the Fantom meme season might help FTM replicate Solana’s [SOL] form. At the time of writing, SOL was close to becoming a three-digit value cryptocurrency.

One of the reasons for this was the increasing demand for SOL due to the emergence of memes like BONK and MYRO. There was also on-chain evidence that FTM could well be on its way to $0.65.

Using Santiment’s data, AMBCrypto looked at the exchange inflow and outflow on the Fantom network.

At press time, FTM’s exchange inflow was 213,000 while the exchange outflow was 694,000. This large difference implies that more market participants were willing to hold FTM than those planning to offload the token.

FTM exchange inflow and outflow

Source: Santiment

If this remains the case, then FTM may not experience any major nosedive in the short term. The next thing to check was the technical outlook.

The FTM price chart has this to say

Based on the 4-hour FTM/USD chart, there was strong support at $0.39. Also, bulls beat the rejection at $0.45 on the 21st of December, highlighting how bears have no say in the market structure.

In addition, the Chaikin Money Flow (CMF) was 0.14. This reading implies an increase in accumulation and a confirmation of the FTM price uptrend.

However, the Relative Strength Index (RSI) was 70.26. This means that FTM was overbought and a retracement could be near.

FTM price analysis

Source: TradingView


Realistic or not, here’s FTM’s market cap in SOL terms


At the same time, the current market momentum may defy technical expectations as the token value may breach the $0.55 level before any notable pullback.

Regardless of the possible drawdown, FTM remains in the position to rise to $0.65.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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