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Home»BITCOIN NEWS»Phantom (FTM) bullish signal suggests strong bounce towards $0.65
BITCOIN NEWS

Phantom (FTM) bullish signal suggests strong bounce towards $0.65

By Crypto FlexsDecember 22, 20234 Mins Read
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Phantom (FTM) bullish signal suggests strong bounce towards alt=
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Phantom (FTM) has shown remarkable performance recently. Outperforms several major digital assets These include Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

In the last 24 hours, FTM experienced a notable surge of 9%, pushing the price to the $0.4950 level. This upward momentum has created optimism within the market that could potentially push FTM to a yearly high of $0.65.

Is Phantom ready for the upswing?

Shared by cryptocurrency analyst Ali Martinez. insight Learn about Fantom’s promising prospects. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 would represent a significant bullish turning point.

Additionally, analysts point out that there are no major takeaways. obstacle It is noticeable down to the $0.65 level. As long as FTM remains above this critical level, Martinez predicts a strong rally for the token.

The upward trend in FTM is shown on the daily chart. Source: TradingView.com FTMUSDT

With FTM breaking the $0.47 resistance level, the stage is set for further upside. The absence of a significant barrier to the $0.65 point provides an encouraging backdrop for FTM’s potential upward trajectory.

Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should brace for a strong rebound in the token’s price.

Social Media Buzz Surrounding FTM

In recent weeks, layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ) and Kaspa (KAS), avalanche (AVAX) and Solana (SOL) has outperformed major cryptocurrencies.

However, amidst this L1 surge, Alpha Scan highlights that Fantom emerged with impressive sentiment intensity, capturing the attention of market participants and further fueling the protocol’s native token price surge.

According to recent post An analysis of social media conversations by sentiment analysis firm X (formerly Twitter) found that a whopping 61% of monthly FTM mentions occurred within the past seven days.

fantasy
Social media mentions of FTM increased by 61%. Source: Alpha scan of X.

The sudden surge in mentions began on December 9th, indicating increased interest and positive sentiment surrounding the token.

Over the past 30 days, 28 major accounts have actively discussed FTM, highlighting its growing importance.

In particular, 20 of these major accounts specifically: Highlighted FTM This reflects increased levels of interest and engagement over a relatively short period of time. Major account engagement rates over the past week indicate a notable increase in interest and potential market influence.

Positive outlook strengthened by annual increase

According to token terminal data, in addition to the buzz on social media surrounding the protocol and native token, Fantom’s market capitalization reached approximately $1.38 billion, a remarkable increase of 18.47%. This surge reflects growing demand and expanding market presence for FTM.

In terms of revenue, the token has seen significant growth with 30-day revenue increasing by 734.11% to $171.73,000. Additionally, annual revenue soared to $2.09 million, representing a significant increase of 813.75%.

Moreover, Phantom’s fully diluted market capitalization is approximately $1.57 billion, representing a significant increase of 43.39%. This growth further strengthens the market’s confidence in the protocol’s prospects.

When considering performance ratio, the P/F ratio (fully diluted) is calculated as 203.80x, while the P/S ratio (fully diluted) is reported as 679.33x. Both ratios are down 82.8%, but still suggest a strong valuation relative to Phantom’s performance.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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