The price of Fantom (FTM) has increased by more than 40% over the past month, reaching $0.51 on September 16. This significant rise follows a rebound from its low of $0.26 on August 5.
Cryptocurrency Market Dynamics
Over the past 30 days, there has been a decline in the prices of major cryptocurrencies: Bitcoin (BTC) dropped by 4%, and Ether (ETH) declined by 12.6%. However, the price of Fantom (FTM) showed significant growth, becoming one of the top gainers among the top 100 cryptocurrencies by market capitalization over the past month.
Fantom Development
Key factors contributing to the rise include the anticipation of the long-awaited Sonic upgrade, which is expected to significantly enhance network performance by introducing the new Fantom Virtual Machine (FVM) and the optimized Lachesis consensus mechanism. After the upgrade, the network is expected to process over 2000 transactions per second, with finality in approximately one second. This will be a substantial improvement from the current 30 TPS. Additionally, Sonic will reduce storage requirements by up to 90%, making node operation more cost-efficient and accessible.
Technical Analysis and Prospects
From a technical analysis perspective, Fantom shows strong support levels between $0.47 and $0.48. Further price movement above the resistance level of $0.53 could confirm the presence of an upward trend, increasing the chances of reaching the $0.81 level, resulting in a 56% increase from the current price.
The current price dynamics of Fantom (FTM) are driven by internal network development factors and technical indicators. We continue to monitor developments and analyze the future of this cryptocurrency.
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