Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024. 

According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization. 

FTM Market Cap Soars 101% QoQ

By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching $1.2 million. 

According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1. 

Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500.

In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55. 

Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.

Memecoin Mania Boosts Fantom On-Chain Activity

During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion. 

Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation.

Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom.

Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share.

Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins. 

As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase.

The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame.

Featured image from Shutterstock, chart from TradingView.com

The post Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics appeared first on CryptoSens.

Fantom appears to be forming a double bottom pattern currently, a confirmation of which could lead to a break towards $1.60 according to an analyst.

Fantom Might Be Forming A “W” Pattern In Its Weekly Chart

As explained by analyst Ali in a new post on X, FTM’s weekly price chart has appeared to have been forming a “W” pattern recently. A W or double bottom refers to a pattern in technical analysis that ends with a bullish resurgence for the asset.

The pattern forms when the price forms two consecutive bottoms after going through some significant downtrend and finally reverses its direction with a sharp bullish move.

While the pattern is known for its resemblance to the letter “W” from the English alphabet, the pattern can still form even if the “W” shape doesn’t quite look as symmetrical.

Like this pattern, there is also the “M” or double top pattern, which forms when two consecutive tops follow an uptrend and the price subsequently shifts towards a downwards trajectory.

Now, here is the chart shared by the analyst that shows how a potential W pattern may be forming for the weekly price of Fantom:

As is apparent in the above graph, the Fantom weekly price formed its second bottom in October and has since been sharply going up. The pattern is indeed starting to resemble a W now, but it’s still not fully confirmed yet.

In the chart, Ali has also highlighted the $0.57 level at which the coin hit the top between the two bottoms and it seems like the weekly price has been approaching this line recently. “If $FTM sustains a weekly close above $0.57, it will confirm this bullish formation and march toward $1.60!” notes the analyst.

From the current spot price of the cryptocurrency, a rally towards this level would mean an increase of almost 192%. It now remains to be seen if the asset can confirm this pattern and go on a run like this or not.

A few days back, the same analyst had discussed about the on-chain support and resistance levels for Fantom, revealing that the coin has little in terms of obstacles until the $0.66 level.

In the above chart, the data for each FTM price range in terms of the number of investors or addresses who bought their coins at them is displayed. The $0.45 to $0.47 range was filled with investors, but the asset has already cleared it.

Generally, investors tend to show a selling reaction whenever the price of the asset retests their cost basis from below, as they might be tempted to just exit at their break-even point, rather than risk going into losses again.

Ali had noted that with the dense zone clear, there were no more supply walls in sight for the cryptocurrency. The asset has been making its way up since then, mowing through these centers of relatively weak resistance.

With the path appearing clear in terms of on-chain resistance and a W pattern beginning to form, a move towards higher levels may be coming for the asset.

FTM Price

At the time of writing, Fantom is trading around the $0.548 level, up 34% in the past week.

The post Fantom (FTM) To Rocket Up To $1.60 If This Happens: Analyst appeared first on CryptoSens.