FTM' steady rise in transactions per day could signal bullish price action in the near future.
A crypto analyst closely follows the Ethereum and Fantom (FTM) race forecasts as one of its on-chain figures shows promising strength.
In a new video update, the host nicknamed InvestAnswers has 442,000 subscribers, Ethereum’s rival is Fantom (FTM), and the steady increase in day trading suggests the bullish behavior of FTM in the near future.
“These are Ethereum and Fantom (FTM) transactions. As you know, I love watching deals. Transaction rates, daily active users, similar… Here, if you look at the number of transactions per day Ethereum stands at 1.2 million transactions compared to Fantom 922,000. If you look at the chart, Fantom… is going slowly since May 2021. So, if you compare Ethereum and Fantom (FTM), ftm is slow and stable but that’s very good sometimes. It wins this race.
We’re not seeing a big drop in transactions like other chains, so this is a good thing for Fantom.”
Given FTM’s technical indicators, the analyst said the smart contract platform is targeting a significant rally in current prices as Fantom attempts to break down its immediate resistance.
“The other interesting thing is, when you look at Fantom… There is a bit of resistance around $0.34 and is likely to exceed 12-20% as we move on. So, who knows, we could go back to $0.40 pretty quickly or even a little more. Now there is an optimistic thesis on this…
Also, when you look at the volume on Fantom, it has already reached 310 million copies, which is a big increase from the previous volume. So a lot of activity is coming back.
At time of writing, Fantom (FTM) is changing hands at $0.32, down 2.36% in the last 24 hours.
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