Multichain

when

Fantom (Migrated to Sonic)

Read

Fantom experienced a 17% increase in value, positioning it as the leading performer in the cryptocurrency market. 
Fantom (<a href="https://crypto.news/price/fantom/" target="_blank" rel="noreferrer noopener">FTM</a>), a blockchain platform optimized for decentralized finance applications, soared 17% in value on the morning of Aug. 22, exchanging hands at $0.461 per price data from crypto.news. The crypto asset’s daily trading volume jumped more than double from the past day, hovering around $284 million, while its market cap stood at $1.29 billion, ranking it 62nd among the top largest cryptocurrencies. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14293195"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/FTMUSDT_2024-08-22_11-56-58.png.webp"> 
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/08/FTMUSDT_2024-08-22_11-56-58.png" alt="FTM leads crypto rally with 17% surge, eyes further gains - 24"> 
 </picture> 
 <figcaption class="wp-element-caption">
 FTM 24-hour price chart– Aug. 22 | Source:&nbsp;<a href="https://crypto.news/price/fantom/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
The token’s price has jumped by 67% since its drop to $0.276 on Aug. 5, when the <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/" target="_blank" rel="noreferrer noopener">crypto and stock markets crashed</a>, leading to over <a href="https://crypto.news/crypto-liquidations-surpass-1b-amid-market-wide-turbulence/" target="_blank" rel="noreferrer noopener">$1 billion in liquidations</a>. Despite the latest price surge, FTM is still down 86.6% from its all-time high of $3.46 recorded in October 2021. 
<a href="https://crypto.news/tag/fantom/" target="_blank" rel="noreferrer noopener">Fantom</a>‘s current price at $0.4621 positions it above the upper Bollinger Band at $0.4520, signaling a potential breakout from typical volatility levels. This position above both the middle band at $0.3655 and the upper band suggests an unusual upward momentum in the market, indicative of a strong bullish sentiment. 
 You might also like: <a href="https://crypto.news/fantom-secures-2-18m-in-compensation-from-multichain-foundation/"> Fantom secures $2.18m in compensation from Multichain Foundation </a> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14293196"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/FTMUSDT_2024-08-22_11-41-45.png.webp"> 
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/08/FTMUSDT_2024-08-22_11-41-45.png" alt="FTM leads crypto rally with 17% surge, eyes further gains - 25"> 
 </picture> 
 <figcaption class="wp-element-caption">
 FTM Bollinger Band and RSI – Aug. 22 | Source:&nbsp;<a href="https://crypto.news/price/fantom/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
Given that FTM price exceeds the upper Bollinger Band, there could be concerns about the asset becoming overbought, but the Relative Strength Index at 61.93, while elevated, still does not firmly categorize the asset as overbought, which would typically be indicated by an RSI over 70. This suggests that while the buying momentum is strong, there may still be room for upward movement before the asset enters potentially overbought territory. 
The scenario reflects a market that has possibly reacted to positive stimuli, propelling the price above usual resistance levels but not yet to a point of reversal based on overbuying. This can attract further interest from traders looking to capitalize on the momentum, potentially pushing the price even higher in the short term. 
However, traders should also be cautious of any rapid changes that could lead to a quick retracement if the price adjusts back into the normal range of the Bollinger Bands. 
 Read more: <a href="https://crypto.news/meme-coin-andre-cronje-fantom/"> Fantom’s Andre Cronje shares ‘safer meme coin’ thesis </a>

FTM leads crypto rally with 17% surge, eyes further gains

crypto.news

Other articles published on Aug 22, 2024

Crypto Market and Bitcoin Show Significant Progress

GITEX Global 2024: World’s Largest Tech Event Announces GITEX Editions and All-New Show Highlights

What’s keeping Bitcoin stuck between $57.5K and $62K?

Cryptocurrency Industry Shatters Records with Unprecedented Political Donations in 2024 US Presid...

Solana Memecoin Trump’s Pussy (TRUMPPUS) to Surge 17,000% Before Exchange Listings, While Dogecoi...

Anthony Scaramucci Doubles Down on $100k Bitcoin Price

Join our free newsletter for daily crypto updates!