Fantom Hits $1.08: What Does a 63% Rally and 18-Month Activity Spike Mean?

• FTM surges 63%, with the highest activity in 18 months, testing key resistance at $1.22.
• Bullish momentum continues as FTM turns $1.02 into critical support.
• A breakout above $1.22 could lead to $1.49, while failure risks a retrace to $0.86.

Fantom (FTM) has rallied, gaining 63% over the past six days to reach $1.08 at the time of writing. This bullish momentum coincides with a spike in daily active addresses on the network, reaching its highest level in almost 18 months.

According to Santiment’s data, Fantom recorded 2,132 unique daily active addresses making transfers on November 24–25. This surge surpasses previous activity peaks, such as the 1,489 addresses logged on December 22–23, 2023, and the 2,040 addresses noted on March 19–20, 2024.

Fantom has been on an impressive tear, pumping +63% in the past 6 days. A familiar surge in daily active addresses has formed on the network, as FOMO appears to be peaking. Historically, these utility spikes from new traders leads to tops. When active addresses fall, a solid… pic.twitter.com/jGrpfZqTt3

— Santiment (@santimentfeed)
November 27, 2024

Historically, such activity has signaled near-term price tops, with corrections often following as excitement fades. These patterns suggest that Fear of Missing Out (FOMO) among traders drives temporary spikes in utility. It remains to be seen whether Fantom’s current rally will continue.

FTM’s Price and Market Metrics

FTM is currently trading at $1.08, giving it a market capitalization of $3.02 billion. Its 24-hour trading volume is $1.35 billion, up 53.39% from the previous day.

Source:
CoinMarketCap

The FTM weekly chart shows bullish momentum, with the price breaking above all key exponential moving averages (EMA 20/50/100/200). The current price, at $1.08, is well above the 200-day EMA at $0.4628, confirming a solid uptrend. The 20-day EMA ($0.6928) and 50-day EMA ($0.6026) show a widening gap, reinforcing bullish sentiment.

However, the Relative Strength Index (RSI) is at 66.06, indicating that FTM is approaching overbought conditions. This implies that FTM’s bullish momentum could weaken. The cryptocurrency has surged past the key 78.6% Fibonacci retracement level at $1.02, turning it into a critical support zone.

Source:
TradingView

The token, nonetheless, faces a resistance level of $1.22, a zone last seen on March 18. If FTM breaks this level, it could see additional gains. If it fails to break past $1.22, a pullback to $0.86—aligned with the 61.8% Fibonacci retracement level—is possible. Alternatively, a sustained rally could see the token reach $1.49, which coincides with the 127.20% Fibonacci extension.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.