In the wee hours of the morning, Fantom [FTM] smashed past its previous peak and registered a new all-time high on 23rd October at $2.63. This comes in the backdrop of a dull crypto market momentum after a blistering rally. Top cryptocurrency assets such as Bitcoin [BTC] and Ethereum [ETH] went on to shatter record-breaking highs earlier this week after the debut of futures-based BTC Exchange Traded Funds [ETF] on Wall Street.
However, the market’s sporadic rise cooled off raising doubts of an impending pullback among the crypto community. This is not the case with Non-Fungible Token [NFT] related assets such as Fantom [FTM] which has defied the current broader market conditions. According to the leading on-chain analytics portal, Santiment, FTM’s Development Activity Rate reached an all-time high pursuing late September’s surge and the subsequent price rise. Commenting on the recent developments, the platform stated,
Fantom just keeps chugging along en route to today’s new All-Time High of $2.63. NFT related assets such as FTM (pictured) and SOL have enjoyed recent price growth in spite of the mild market-wide crypto correction to end the week.
Let’s delve deeper into the technical indicators.
Fantom’s [FTM] Daily Price Chart
Parabolic SAR:- The dotted markers of Parabolic SAR hovered below the price candles exhibiting an optimistic price action and support of further market downturn.
Chaikin Money Flow [CMF]:- The CMF indicator cruising above the zero line signaled an increase in capital inflow in the market which is a sign of upbeat price action.
Relative Strength Index [RSI]:- The RSI trading above the 60 mark depicted an increasing dominance of buyers in the market. However, the formation of bearish divergence may pose a threat to FTM’s rally.
MACD:- The MACD indicator aligned with the bulls as the above daily price chart indicated.
Klinger Oscillator:- The Klinger Oscillator suffered a bearish crossover for a brief period of time before punching back up and displaying a bullish signal.
Awesome Oscillator:- The AO is depicting a similar bullish momentum in the coin market.
What’s driving Fantom’s [FTM] growth?
Since the beginning of this year, FTM has multiplied to almost 144x joining the elite list of smart contracts platforms like Solana [SOL], Avalance [AVAX], Cardano [ADA], etc. The recent spike in the token can be attributed to the highly-anticipated launch of the NFT bridge protocol from Anyswap, a platform that facilitates trading across different blockchains. FTM also has the backing from Yearn’s Yield aggregator which is slated to be the first deployment out of the Ethereum ecosystem and into the Fantom blockchain.