Amid Collab With GoogleCloud & Whales Buying, Can FTM Reach $2?

• 1 The Fantom Foundation expressed enthusiasm for recent developments and collaborations, indicating potential future growth.
• 2 A large-scale investor engaged in substantial financial activity, purchasing a significant amount of FTM tokens, signaling bullish sentiment.

Fantom crypto (FTM) had an excellent start this year. Its price has shown tremendous growth in the crypto landscape. By February 2024, the FTM price rallied from $0.350 to $1.200 by the third week of March.

The price pattern indicated that the consolidation phase was broken on May 15th, 2024, when the price touched the upper boundary of the wedge pattern. Recently, FTM has attempted to stay close to the upper boundary to break out of this wedge pattern.

Whale Activity Highlights Optimism in Fantom (FTM)

According to the Lookonchain tweet post on the X platform, a whale engaged in substantial financial activity involving the FTM. The whale had withdrawn $2.96 Million USDC from the decentralized finance platform Aave.

Following this withdrawal, the whale had allocated a whopping amount of 2.23 Million USDC to purchase 2.82 million FTM tokens, each priced at $0.79 within 30 minutes of trading activity.

Additionally, after completing this buying transaction, the whale’s account, identifiable by the address ending with -af3f83, retains a balance of $736,000 USDC. This financial transaction signifies the bullish sentiment for the Fantom crypto (FTM).

Recent Developments Around Fantom

As per the Fantom Foundation tweet post on X, the CEO of FTM, Michael Kong, has stated the platform’s recent developments. He specifically highlighted the collaboration between Sonic and GoogleCloud. 

He mentioned that he had discussed Sonic and their partnership with Mr. Nalin Mittal from GoogleCloud and was grateful for that.

Lastly, he indicated additional details regarding Sonic’s branding, which would be forthcoming. Moreover, he mentioned that the logo animation featured at Consensus2024, which they participated in, has been slated for future release.

Decoding Fantom Crypto Indicators & Price Forecast

The FTM crypto has performed well in the last month, increasing by 15.36. FTM (KRAKEN: FTM) has a positive year-to-date return of 71.20% and a three-month return of 25.94%. 

At press time, the FTM price has traded at $0.8208 with an intraday surge of 6.46%, its market cap stands at $2.27 Billion, and its 24-H trading volume is $185.00 Million. There are 2.80 Billion tokens in circulation.

In particular, the daily chart for FTM shows that it has been surging from support and remains above the 50-day and 200-day EMAs. Additionally, the MACD indicates a potential bullish crossover, while the RSI was at 53.74.

If the breakout is strong, the next targets for the FTM price could be $1.00 and $1.21. Conversely, the price could decline further if it falls and fails to stay above the $0.750 level.

Summary

The Fantom crypto (FTM) saw significant growth in the crypto market at the beginning of the year, with the price rising from $0.350 to $1.200 by March 2024. 

However, it entered a period of decline, stabilizing at $0.650 by mid-April. The price pattern indicated a potential for a breakout, and the crypto has performed well, with a positive year-to-date return of 71.20% and a three-month return of 25.94%. 

The daily chart for FTM shows strength, with potential targets at $1.00 and $1.21 if the breakout is strong.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.