Will FTM continue to recover but still a result of the hype?

Since Bitcoin, ETH and other top coins are still trying to establish a clear trend, the FTM price is consistently higher, increasing by 14% in the last 24 hours alone. Even in the weekly timeframe, FTM HODLern brought more than 21% profit.

FTM 4 Hour Price Chart | Source: Tradingview

The great growth of Fantom

Fantom’s TVL has made rapid strides in the past few days but is now starting to fade. At the time of writing, the number is roughly $ 5.12 billion, compared to a September 11, 2001 high of $ 6.15 billion.

Less liquidity in the log is clearly not a good sign. However, when zooming out the chart, the macro upward trend is still intact. In fact, such small differences always occur at every stage of ecosystem development.

The source: DeFiLama

Several relationships are making the biggest contribution to Fantom’s development phase, such as the partnership with 123swap announced this week. 123swap is a platform that supports HODLer Asset Swaps.

Followers believe this relationship will help Fantom gain more exposure and make it attractive as a potential trade. This can have a strong influence on the price in the long term.

In addition, Fantom uses Directed Acyclic Graph (DAG) technology – another benefit of the protocol as it improves both speed and efficiency.

The DAG is a ledger in the form of a chart in which transactions are stacked and not chained. This system is essentially an improved version of the standard blockchain. Fantom’s attempt to gain a foothold in this uncharted territory shows the network’s determination to remain relevant over the long term.

No more “hype”

Basically, FTM’s price went up after the 123swap partnership announcement mentioned above. While some have suggested that this might be short-lived, the state of the indicators suggests otherwise.

At the time of writing, FTM has clear bullish momentum. Trading volume is around $ 244 million, compared to the November low of $ 31 million.

Trading volume | Source: IntoTheBlock

An increased volume does not necessarily indicate an existing trend in the market. Note, however, that buyers have dominated sellers so far, which suggests that sentiment is bullish right now.

follow data From IntoTheBlock, the amount of FTM purchased in 3 hours this morning has exceeded the number sold by more than 4 million.

In addition, the FTM market is moderately volatile. Therefore, it would not be wrong at this point in time to claim that price changes will be quick but forewarned from now on.

The source: Messari

From the trends mentioned, it can therefore be concluded that the FTM hype bullstreak is very likely to continue itself.

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Minh Anh

According to AMBCrypto

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