Fantom (FTM), a fast-growing layer-one (L1) blockchain with more than $102 million in Total Value Locked (TVL), has recorded palpable gains in the recent past amid the ongoing crypto bullish outlook. According to the latest market data, the FTM coin has gained about 93 percent in the past four weeks to trade at around 69 cents on Wednesday during the London session.
As a result, it is safe to assume the FTM price action will continue with a bullish outlook in the near term. Moreover, the FTM price closed above the 200 weekly Moving Average (MA) last week for the first time in more than 12 months. Additionally, the weekly Relative Strength Index (RSI) has remained above the 70 level for the past two weeks.
Fantom’s Growth Signals Bullish Outlook
The Fantom (FTM) ecosystem has about $2 billion in fully diluted valuation backed by dozens of web3 platforms. Some of the notable web3 platforms using the Fantom network include Beefy yield aggregator, SpookySwap DEX, and Equalizer protocol, among others.
As of this writing, the Fantom network had about $432 million in stablecoins market capitalization.
Notably, the Fantom Foundation announced on Monday that it had won the bid to partially recover the funds lost through the Multichain exploit last year.
FTM Price Action and Short-Term Targets
After consolidating between 17 cents and 55 cents during the 2022/2023 crypto bear market, the FTM price closed above the consolidation range last week, thus raising the optimism of the inevitable bull rally.
According to a popular crypto analyst, Captain Faibik in the X platform, FTM price will easily rally 400 percent in the midterm following a successful retest of the macro breakout.
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