- FTM surged 63% in six days, driven by increased trader activity.
- Analyst predicts $15 target, urging long-term accumulation.
- Spike may signal a pullback, offering better entry points.
Fantom (FTM) has been the highlight of the cryptocurrency market for the last week, showing an amazing rally. According to the latest data from Sentiment, this layer-1 blockchain is up an astonishing 63% in just the last six days. The surge in price has come in tandem with a notable spike in daily active addresses of the Fantom network, a surefire indicator of increasing interest and hype among traders.
Presently, Fantom’s price is $1.075, and its 24-hour trading volume is $3.07 billion. Its market capitalization is $3.01 billion, and a good enough market dominance of 0.09% has also been accounted for. In the past day, FTM surged upward, with an increase of 10.75%, which showed its strong continuation toward an upside during this period.
FTM Addresses Show Market Shifts Amid FOMO
This surge in activity has triggered a wave of (FOMO) among investors as new traders scramble to get in on the action. Historically, such sharp increases in network utility from fresh participants are usually indicative of market tops. That might be a perfect time for savvy traders to get a good buy opportunity when the number of active addresses starts to taper off.
For those keeping a close watch on Fantom, it would be more important to track the activity of FTM addresses for vital hints of the market’s direction. As the FOMO-driven price rally cooled down, the fall in active addresses could signal the best time to accumulate FTM at better prices.
Fantom Price Target: $15 for Long-Term Investors
Crypto analyst Captain Faibik weighed in on the current market conditions and made a rather bold prediction this may be the last buying opportunity for FTM ahead of a potential bull run in 2024-2025. According to him, long-term investors should buy FTM when the price is within reach, targeting $15 in the long run.
As the cryptocurrency market develops, the rise of FTM is an exciting prospect for both short-term traders and long-term holders. However, caution is advised, as the network’s growing activity may signal a peak. For anyone looking to monitor Fantom’s progress, monitoring its address activity could provide valuable insights into navigating the market in the coming weeks.
Related | Ripple Launches First Tokenized Money Market Fund on XRPL with Archax Partnership
