Fantom is Testing $0.35 Following Bitcoin Rally
Fantom (FTM) is adding 7.0% to $0.330 since the beginning of the week. Prices are nearing the important resistance at $0.350. However, this rise is primarily facilitated by ongoing Bitcoin rally. The Fantom itself have no reasons to climb.
Bitcoin prices rose by more than 10% this week reaching almost $45,000 per coin. There are no particular new reasons for this rally, while old drivers like spot Bitcoin-ETF approval perspectives and April halving are rather an excuse for such upside. On the other hand, there are no major reasons for Bitcoin prices to drop.
Fantom internal metrics are declining rapidly in the last weeks. Development activity, social media and network activity were declining. This explains the underperformance of the FTM against BTC. If Bitcoin continues to rise, FTM is likely to pass the resistance at $0.350.
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