Fantom (FTM) Outperforms Major Crypto Players with 9% Surge

• Fantom (FTM) price climbed 8.68% from $0.5392 to $0.5862.
• Fantom partners with Sonic Labs to fast-track dApp integration on the Sonic network.

Amidst the global crypto market downturn, Fantom (FTM) has surged by over 8.68% in the past 24 hours, reaching a high of $0.5862 from a low of $0.5392. The cryptocurrency leads the gainers with current price stands at $0.5823, marking a 78.27% increase from its yearly low of $0.3287. Fantom’s trading volume also hit $179 million, with a market cap of $1.63 billion.

This upswing in FTM follows the announcement of a partnership between the Fantom Foundation and Sonic Labs to launch the Sonic Labs Innovator Fund. This initiative, backed by Fantom’s treasury of up to 200 million FTM. That aims to accelerate the integration of partners and decentralized applications (dApps) into the Sonic network.

The crypto market responded positively to the news, triggering a sharp increase in FTM’s price and forming a bullish candlestick pattern, hinting at a potential reversal from recent pullbacks. 

Is Fantom About to Enter a Bullish Cycle?

According to the 24-hour price chart, if current demand levels are sustained, Fantom could challenge resistance levels. Key thresholds include $0.6032 and the subsequent 50-day exponential moving average (EMA) at $0.6785. Overcoming these barriers may signal a positive end to the recent downtrend. That potentially propels FTM towards higher targets such as $0.7080 and even $0.9216.

Fantom (FTM) Price Chart (Source: TradingView )

However, downside risks persist if FTM fails to maintain momentum above $0.5564, potentially testing support levels at $0.5342 and $0.5213. The lower boundary of the trading levels at $0.4833 remains a critical support zone in case of further declines.