Fantom's Network Activity Surges, Can FTM Break $0.56 Resistance?

Fantom's Network Activity Grows, but Can FTM Overcome Resistance at $0.56?

Fantom (FTM) has shown promising bullish momentum, with increased network activity and a breakout from a descending triangle formation. However, significant resistance at $0.56 may challenge further upward movement and lead to potential profit-taking.

Recent data from COINOTAG indicates that the number of holders 'in the money' has surged by over 20%, suggesting a growing base of profitable investors. Despite these positive signals, Fantom faces resistance at $0.56, which could influence its short-term trajectory.

Network activity on Fantom has surged, with new addresses increasing by 35% over the past week, signaling growing adoption and user engagement. Active addresses have also risen by 10%, reinforcing the expansion of the network. However, a striking 52.86% jump in zero-balance addresses suggests that some traders may be exiting their positions or consolidating funds, potentially signaling profit-taking.

Transaction data reflects a mixed landscape. Transactions under $1 have surged by 60%, indicating heightened retail involvement. Additionally, transactions between $1 and $10 have experienced a modest increase of 4.76%, suggesting influx from smaller investors. However, mid-sized transactions ranging from $10 to $100k have declined, indicating that larger market participants are currently less active. Interestingly, transactions exceeding $1 million have virtually vanished, dropping by 100%, signaling that institutional and high-net-worth investors are staying cautious.

FTM has convincingly broken out of its descending symmetrical triangle, signaling potential bullish prospects. Currently, the price is encountering critical resistance at $0.56, a level that will likely dictate immediate market direction. Should FTM breach this threshold, the next target levels would be $0.85 and $1.43. Conversely, if it fails to maintain levels above $0.56, a pullback might occur, testing lower ranges around $0.40-$0.45. While market momentum is favoring bulls, overcoming resistance levels will be necessary for a sustained uptrend.

The MVRV Long/Short Difference has seen a notable decline, indicating a shift in the prevailing market sentiment. This metric's downturn often signals that traders who