It’s been a bad day for cryptocurrency, with almost every coin in the top 100 showing losses. However, Fantom (FTM) has defied the broader market trend ahead of its upcoming migration to Sonic (S). But why is FTM performing differently?
The anticipated migration of Fantom (FTM) to the new Sonic network has drawn significant attention due to its promise of enhanced performance and scalability. Sonic is set to become a faster and more efficient Layer 1 blockchain, capable of handling up to 200 million transactions per day. With cross-chain interoperability, particularly with Ethereum, Sonic opens the door to new dApps, liquidity, and use cases, making it an attractive option for both developers and users. Additionally, the Fantom Foundation is backing this migration with substantial financial incentives, including $120 million in grants to encourage project migration.
The anticipation of these technological upgrades, combined with strong financial backing, has fueled investor optimism, leading to FTM's price resilience against BTC and nearly 99% of other cryptocurrencies.
FTM should be on the radar of any crypto portfolio as it continues to be a leader in Decentralized Finance (DeFi) with consistently upgrades. With FTM currently at $0.50, this could be a great opportunity to continue dollar-cost averaging (DCA). Fantom’s strength during a market downturn is a highly positive signal, as coins that show resilience in downtrends often lead the charge when the market recovers.
*Exercise caution, though, as a key event in the FOMC decision is set to occur in less than 48 hours.*
Source: https://cryptobubbles.net/
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
As expected, BTC reached the support region of $57.7k and has been consolidating at this level. The convergence of support suggests a potential bounce. If a rebound occurs, we could see a re-test of $60.2k. However, prolonged consolidation at this support level without an upward move might signal a breakdown toward the lower support level of $54.5k.
BTC Total ETF Flows for 16 Sep: $ -8.1 million
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
ETH remains in a downtrend, showing continued weakness as it has broken below all major moving averages. The next support level is $2,171, and it seems to be a question of "when" rather than "if" it will reach that level.
ETH Total ETF Flows for 16 Sep: $ -13.6 million
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Written by Alexandar Artis
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