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Fantom Surpasses $1 Mark: Will FTM Price Rally Reach $1.74?

Albert Brown
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Fantom Surpasses $1 Mark: Will FTM Price Rally Reach $1.74?

As the bull run in Fantom (FTM) surpasses the $1 psychological milestone, will the rounding bottom breakout lead to a surge to $1.74?

Having surpassed the $1 mark, Fantom is one of the top performers in the crypto market. With a 10.92% surge in the past 24 hours, the 7-day gains have increased to nearly 60%. 

Crossing the $3 billion market cap, Fantom shows high potential for a parabolic recovery. Will this rally result in an additional 50% surge? Let’s find out.

Fantom (FTM) Price Analysis

On the weekly chart, the FTM price trend reveals a rounding bottom reversal, gaining momentum. Starting from the 23.6% Fibonacci level with the Morning Star pattern, the uptrend has risen more than 300% since August.

Fantom Weekly Price Chart
Fantom Weekly Price Chart

The bull run started from a low point of $0.2631 on August 5 and has reached the current market price of $1.09. Completing the rounding bottom reversal, the Fantom price challenges the neckline stage. 

The overhead neckline coincides with the 61.80% Fibonacci level at $1.05. Furthermore, a resistance zone extending from $1.03 to $1.11 fuels the overhead supply. 

Fantom Price Chart
Fantom Price Chart

The FTM price trend shows the rounding bottom reversal surpassing the long-standing resistance trend line. Furthermore, the recent surge has broken above a local resistance trend line that had been limiting bullish growth.

The weekly RSI is gradually approaching the overbought boundary at 84.90. Based on the previous peak at 84.90, the RSI shows considerable room for further recovery.

The weekly EMA lines are widening, indicating a bullish gap as the uptrend continues. Thus, the technical indicators suggest that Fantom’s bull run is likely to continue.

Fantom Network Fuels FTM Rally

As FTM’s price surges, the Fantom network is showing positive numbers. According to FTMscan, the number of unique addresses on the Fantom network has reached 180 million. Additionally, the daily increase of ~18,000 unique addresses will likely accelerate the drive toward 200 million unique addresses on the Fantom network.

Furthermore, the total value locked (TVL) on Fantom is at $134.35 million, gradually approaching the 52-week high of $227.44 million. As the network grows, the demand for the FTM token is directly increasing.

Fantom TVL
Fantom TVL

Fantom Price Targets

Based on the Fibonacci levels, an uptrend continuation with a weekly close above the neckline could trigger a massive surge. The immediate resistance stands at $1.7457, offering an upside potential of 60% from the current market price.

On the other hand, the 50% Fibonacci level at $0.7387 will remain a crucial support level for Fantom.

Crypto Industry Cheers as Federal Court Invalidates Tornado Cash Sanctions

Albert Brown
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Crypto Industry Cheers as Federal Court Invalidates Tornado Cash Sanctions

A federal appeals court has overturned U.S. sanctions imposed on Tornado Cash, a service designed to anonymize cryptocurrency transactions.

This landmark decision challenges the authority of the U.S. Department of the Treasury, which had previously sanctioned the protocol. The ruling asserts that the Treasury overstepped its legal boundaries by targeting open-source, immutable smart contracts that cannot be owned or controlled.

Court Rules Smart Contracts Are Not “Property”

The ruling highlights that while the Treasury can take action against “property,” the smart contracts central to Tornado Cash do not meet this definition. Their immutable and open-source nature makes them unownable, removing them from the scope of sanctions under federal law.

The court emphasized that the Treasury’s actions stretched its authority beyond recognition. This decision is expected to restore U.S. persons’ ability to use the protocol for privacy-protecting purposes.

The case has drawn significant celebration from legal experts. Coinbase’s Chief Legal Officer, Paul Grewal, expressed that the ruling is a pivotal moment for privacy and freedom.

Grewal noted that blocking technology entirely due to misuse by a minority of bad actors was not authorized by Congress. Instead, he argued that the sanctions represented government overreach, which the court has now corrected. Grewal emphasized that the ruling is a historic win for crypto and all who care about defending liberty.

 

Legal Experts Praise the Ruling

Legal professionals have joined the conversation, underscoring the decision’s significance. Bill Hughes, a lawyer at ConsenSys, explained that under existing regulations, the sanctioned smart contracts cannot be classified as property and are thus outside the Treasury’s jurisdiction.

Hughes noted that this specific ruling pertains to smart contracts without administrative keys, leaving other aspects of Tornado Cash open to potential Treasury scrutiny. He also suggested the Supreme Court would be unlikely to reverse the decision, further solidifying its impact.

Hughes acknowledged Coinbase’s role in challenging the sanctions, emphasizing their influence in shaping this legal outcome. He stated that this case aligns with broader judicial efforts to limit excessive agency discretion.

Tornado Cash’s Previous Controversy

In June, a Terra Classic community member accused the Terraport team of negligence after stolen funds from a prior exploit were routed through the mixer.

Additionally, in September, the exploiter responsible for the high-profile hack of the India-based exchange WazirX transferred 2,600 ETH, valued at approximately $6.5 million, to Tornado Cash.

The hacker executed this transaction through 27 separate on-chain transfers. Following the initial test, the exploiter proceeded to move the remaining funds in multiple batches of 100 ETH each, directing them to the privacy-focused mixing platform.

Report: CFTC to Regulate Spot Market for Bitcoin and Ethereum Under Donald Trump

Lele Jima
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Report: CFTC to Regulate Spot Market for Bitcoin and Ethereum Under Donald Trump

U.S. President-elect Donald Trump reportedly plans to expand the CFTC regulatory jurisdiction, giving the agency authority to regulate a huge portion of the crypto industry.

FOX Business News, citing sources familiar with the matter, reported that the CFTC could regulate certain crypto assets, particularly those deemed commodities like Bitcoin (BTC) and Ethereum (ETH), under Trump’s administration. 

CFTC to Regulate Bitcoin and Ethereum Spot Market 

According to the report, this authority would also enable the CFTC to regulate the exchanges where investors trade these crypto assets. Per FOX Business, the move is part of efforts by the forthcoming Trump administration and the Republican majority in Congress to drastically reduce the SEC’s regulatory power over the crypto industry. 

Under the current administration, the SEC considered itself the appropriate regulator for crypto, pursuing stringent enforcement actions against crypto businesses. However, prominent players within Trump’s camp oppose this approach, advocating for friendly rules to drive innovation within the space. 

The CFTC oversees the derivatives market, including trading of options, futures, and other physical commodities like oil. It also has Congress’ backing to establish market rules and prosecute violators. Under Trump’s administration, its responsibility could be expanded, allowing it to regulate crypto assets deemed commodities. 

Despite the SEC’s attempt to label ETH a security, the CFTC maintains that Bitcoin and Ethereum are commodities. These two crypto assets account for over 70% of the $3.22 trillion valuation of the crypto market. 

With Trump’s administration planning to give the CFTC authority over Bitcoin and Ethereum spot markets, the federal agency will regulate not only the assets but also the exchanges where they are traded. 

This would provide regulatory clarity for Bitcoin and Ethereum, making the CFTC the main regulator for the spot market transactions of these assets. Currently, Congress has not given any federal agency such authority. 

Factors Hindering CFTC Crypto Regulation 

Former CFTC Chair Chris Giancarlo believes the agency could commence this regulation immediately after Trump’s inauguration if it obtains the necessary funding.

Giancarlo has been trying to convince Congress to give the CFTC spot authority over crypto. This saw him write a letter to the Senate Agriculture Committee in 2022, making a similar demand. 

For Giancarlo, the CFTC faces significant challenges in regulating the crypto industry, ranging from lack of funding to understaffing. 

For context, while the CFTC’s 2024 operating budget is $400 million, the SEC operates with a budget of $2.4 billion. The CFTC has a staff strength of around 700 compared to the 5,300 employees working at the SEC. 

Expanding the CFTC jurisdiction to include spot market regulation for Bitcoin and Ethereum could increase the agency’s budget and staffing.

Valour Debuts First Dogecoin ETP Amid Surging Interest

Mark Brennan
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Valour Debuts First Dogecoin ETP Amid Surging Interest

Valour, an asset manager and a subsidiary of crypto firm DeFi Technologies, has announced the maiden launch of a Dogecoin ETP.

Dogecoin news today: In a press release on Tuesday, Valour disclosed that traditional investors can now access a financial vehicle that tracks Dogecoin’s market performance. Termed the Dogecoin Valour ETP, the fund gives users alternative exposure to the largest meme coin by market cap.

The Dogecoin exchange-traded product is the first of its kind in the Nordics and would track the $58 billion capped meme coin. Notably, the fund will be available for trading on the Swedish-based Spotlight Stock Exchange, Avanza, and Nordnet.

Valour Launch Dogecoin ETP Amid as Traction Grows

The asset manager mentioned that the Valour Dogecoin ETP is a product of growing retail and institutional attention towards the token. It insisted that Dogecoin is among the assets that gained mainstream traction in the wake of Donald Trump’s emergence as the next US president.

Valour also emphasized Elon Musk’s influence on Dogecoin’s growing popularity. The X owner’s comments around the leading meme coin ensured it grew extensively following Trump’s win, surging over 200% at one point.

As a result, Valour suggested that Dogecoin would be a great asset for investors seeking portfolio diversification. The asset manager argued that the fund averts the “complexity of direct cryptocurrency ownership” with a competitive 1.9% management fee.

Dogecoin’s Growing Popularity

Meanwhile, influence from notable personalities and its vibrant community has made Dogecoin one of the fastest-growing assets in the crypto space. The leading meme coin recently attained a market cap of over $65 billion, briefly overtaking XRP to sit 6th in the global cryptocurrency rankings. However, it has relinquished this position.

Following the launch of the Dogecoin ETP, speculations have swelled that a spot ETF could be underway. Notably, Bloomberg’s senior ETF analyst, Eric Balchunas, stated he is surprised no issuer has filed for the fund yet.

However, ETF Store president Nate Geraci described a DOGE ETF filing as a marketing stunt. He noted it would be an attempt to gain the attention of the crypto community other than for financial gains.

Notably, Dogecoin remained largely unaffected by the development at press time amidst presiding market bearish momentum. At the time of writing, the meme coin trades at $0.3924, up less than 1% in the past 24 hours.

Bitcoin $100K Dream Delayed: A Look Back at Historical Cycles and What’s Next

Mark Brennan
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Bitcoin $100K Dream Delayed: A Look Back at Historical Cycles and What’s Next

While Bitcoin flirted with the $100K range last week, coming within touching distance, market observers have highlighted a similar occurrence around key psychological levels in history.

On November 22, Bitcoin reached an all-time high of $99,800, just $200 away from hitting $100,000, a milestone that the crypto community and the global finance space have been anticipating since the last cycle.

However, in the two days that followed, Bitcoin traded in a tight range between $99K and $98K. The bears ultimately took control, and Bitcoin broke below this range, hitting a low of $90,700 by Tuesday.

With anticipation for $100K slightly dampened, analysts have revisited historical performance, suggesting that Bitcoin may just be gathering stronger momentum to surpass the $100K level.

How Bitcoin Initially Missed $20K But Rebounded Stronger

Specifically, they cited the 2016/2017 cycle when anticipation was high for Bitcoin to reach $20,000, but it initially failed to hit the mark. Notably, this happened in December 2017.

Bitcoin started the month at $9,694, but eventually rallied 89% to $18,353 seven days later. However, it lost momentum and couldn’t continue climbing to $20K. After hitting $18K on December 8, 2017, Bitcoin dipped to $13,226 the next day.

But then, just two weeks later, Bitcoin broke through the $20K level, reaching a cycle peak of $20,089 before entering a bear market, where it eventually tanked to around $3K.

Bitcoin chart
Bitcoin at $20K in 2017

Will History Repeat?

Now, market participants believe a similar scenario is playing out with the $100,000 psychological price point.

Analyst commentaries
Analysts commentaries

However, unlike in 2017, the market is still in the halving year, with the post-halving bull run only in its early stages, compared to 2017, when it was at the height of the post-halving rally.

Notably, Bitcoin’s failure to surpass $100K last week is attributable to resistance from traders seeking to sell Bitcoin at this psychological level to take profits. However, analysts like Peter Brandt have criticized this reasoning.

With the next anticipated rebound, analysts expect Bitcoin to break well beyond $100K. Popular forecasting suggests it could double to $200K or beyond by 2025 before a bear market sets in.

At press time, Bitcoin is quickly recovering from the $90K dip, reaching $93,350.

Data Shows Long-Term Holders Dump 507K BTC Worth $47B as Bitcoin Eyes $100K

Albert Brown
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As Bitcoin approaches the $100,000 milestone, it faces resistance while a significant shift in market behavior unfolds.

Long-term holders (LTHs), typically known for their reluctance to sell, have ramped up their distribution activities. According to Glassnode, these LTHs have sold approximately 507,000 BTC worth around $47 billion, which is notably lower than the 934,000 BTC sold during the March 2024 price surge.

This selling activity highlights changing patterns among long-term investors, with billions of dollars in profits realized during this period.

LTH Drive Bitcoin Supply Redistribution

Glassnode data reveals that much of the sell-side pressure originates from coins aged between six months and one year. This trend highlights the potential for further distribution as prices rise, particularly among holders of relatively newer coins. Additionally, 0.27% of the aggregate long-term holder supply is being distributed daily.

Remarkably, Glassnode points out that only 177 trading days in Bitcoin’s history have seen a higher rate of LTH distribution. This indicates a more aggressive sell-off compared to the March 2024 all-time high (ATH), while older coins remain largely dormant.

The “LTH Liveliness” metric provides additional insight into this activity. When the metric trends upward, it signals increased spending, while a downward trend suggests HODLing.

Despite the current rate of supply distribution exceeding the March peak, the volume of “Coinday destruction” remains lower. This suggests that most LTH coins being transacted were acquired recently rather than being held for extended periods.

Record Profits Reflect Bull Market Dynamics

Long-term Bitcoin holders are playing a pivotal role in the ongoing price discovery by reintroducing previously dormant supply into circulation. Glassnode reports that these entities are locking in a record $2.02 billion in daily profits, surpassing previous highs. This profit-taking behavior aligns with historical trends, where long-term holders become more active during price rallies.

However, absorbing this supply requires robust demand, potentially necessitating a period of re-accumulation for the market to stabilize. According to Glassnode, a sustainable equilibrium hinges on this balance between supply and demand.

Supply Gaps and the Path to $100,000 For BTC

Examining historical supply patterns offers further clarity on current market trends. Glassnode notes that during the March 2024 ATH, supply changed hands at several clusters between $40,000 and $73,000. These clusters formed critical support levels during subsequent market corrections.

In contrast, the current rally has left an “air gap” between $76,000 and $88,000, where minimal trading activity occurred. This gap may create challenges for price sustainability if the market corrects lower before attempting to breach the $100,000 mark. 

Justin Sun Joins Trump-Inspired Crypto Project World Liberty Finance as Advisor

Elendu Benedict
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Justin Sun Joins Trump-Inspired Crypto Project World Liberty Finance as Advisor

The Tron network founder Justin Sun has joined the Trump-inspired crypto project World Liberty Finance (WLFI) as an advisor a day after investing heavily in the protocol.

The HTX advisor has made headlines over the past few weeks. Most recently, the WLFI project announced it has tapped Sun to join its advisory team.

The decentralized finance (DeFi) project disclosed the move in a tweet on Tuesday. It stated that the Tron founder’s foresight and wealth of experience would help World Liberty Finance thrive in the blockchain sector.

Sun Joins WLFI After Heavy Investment

Meanwhile, WLFI’s Justin Sun recruitment came a day after the billionaire invested a lumpsum on the Trump-inspired project. The Tron DAO and WLFI accounts announced that Sun had invested $30 million into the DeFi protocol.

Sun acquired $30 million worth of the WLFI token, becoming its largest holder. Notably, the token has failed to gain traction following its September launch due to restrictions on US residents and its revenue controversies.

However, Sun’s $30 million splash took the total sales to around $52 million. With the purchase, the Tron founder has now acquired 10% of WLFI’s ambitious $300 million sales target.

Nonetheless, Sun’s appointment was not without controversy, as the community questioned the criteria for his designation. For instance, notable market analyst Ali Martinez asked how much the Tron founder paid for the WLFI project role.

Meanwhile, Sun also made headlines last week for splashing $6.2 million on a banana. The HTX advisor bought an art of a banana held to a wall with duct tape with the staggering amount at Sotheby’s auction on November 21.

Donald Trump Liable for Profit on WLFI Token Sales

Notably, the WLFI team is now liable to take profit from the token sales following Sun’s purchase. The project’s “gold paper” disclosed that the crew could resume taking their 75% revenue from the token sales after its acquisition surpasses $30 million.

Nevertheless, the WLFI project prides itself on being the digital protocol that would disrupt the traditional financial system. 

Shiba Inu Team Says SHIB is Here for Long-Term, Plans to Pass Torch to Next Generation

Lele Jima
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Shiba Inu Team Says SHIB is Here for Long-Term, Plans to Pass Torch to Next Generation

Kaal Dhairya expresses confidence in the long-term Shiba Inu vision and sustainability, revealing plans to hand over its ecosystem tokens to the next generation.

The top Shiba Inu developer revealed this while responding to a question from Rand Hindi, CEO of open-source cryptography company Zama. 

In a recent tweet, Hindi asked his followers to mention any crypto assets they believe would still be relevant in the next 20 years, worthy of passing down to their kids on their 18th birthday. 

Notably, although Ethereum dominates his portfolio, Hindi revealed that he will give his children Bitcoin on their 18th birthday, confirming his confidence in BTC’s long-term sustainability.  

Team to Handover SHIB, LEASH, BONE, and TREAT to Next Generation 

However, Shiba Inu’s top developer, Dhairya, has an alternative perspective, using the metaphor of a Super BLT sandwich to explain the relevance of the ecosystem tokens, SHIB, LEASH, BONE, and TREAT. 

Dhairya suggests that the team pack these tokens as ingredients for its BLT Sandwich, which would be handed over to the next generation. This comment demonstrates his confidence that the Shiba Inu project, particularly its ecosystem tokens, is future-proof and designed to be relevant for decades. 

The comment aligns with the team’s commitment to ensure Shiba Inu remains relevant in the long term. This has led the team to develop utility projects for this purpose, ranging from gaming to metaverse. 

Functions of Shiba Inu Ecosystem Tokens 

Meanwhile, all four Shiba Inu tokens are designed to serve different functions. While SHIB functions as both a medium of exchange and a store of value, BONE serves as ShibaSwap’s governance token. The team expanded BONE’s function following the launch of Shibarium, selecting it as the network’s official gas fee token. 

Furthermore, LEASH gives community members certain incentives, such as liquidity rewards and NFT minting possibilities. Lastly, TREAT, which is yet to launch, will serve as the official ecosystem reward token upon its launch. 

All ecosystem tokens will serve as governance tokens in the upcoming Doggy DAO. In particular, SHIB will govern the community, LEASH will offer exclusivity to community members, BONE will power Shiba Inu’s technology, and TREAT will empower and fund community projects.

World Economic Forum Member Admits XRP is a ‘Good Coin’

Sam Wisdom Raphael
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World Economic Forum Member Admits XRP is a ‘Good Coin’

Shayan Salehi, a digital member of the World Economic Forum (WEF), recently admitted that XRP is a “good coin” amid the market collapse.

The cryptocurrency market is currently experiencing a correction, featuring price pullbacks across major assets. Notably, Bitcoin (BTC), the leading crypto asset has plummeted below $93,000, leading to a drop in the global crypto market cap to $3.19 trillion.

WEF Member Praises XRP’s Resilience

As the turbulence persists, Shayan Salehi, a digital member of the World Economic Forum (WEF) and an advocate for blockchain technologies, has praised XRP for its resilience. 

Salehi’s remarks come when XRP stands out for its strong performance despite the broader market correction. While Bitcoin managed a marginal weekly gain of 0.11%, Ethereum rose by 9.23%. In addition, Solana is down 2.66% within the same timeframe.

Amid the poor performance exhibited by these top assets, XRP has maintained an impressive 25.64% despite the ongoing correction. This resilience is noteworthy, particularly as XRP continues to hold above the $1.36 support level.  

Notably, XRP has also remained above the $1 mark since reclaiming it on Nov. 16. Analysts believe XRP is leveraging its current support zone as a foundation for recovery. Its next target is the $1.96 resistance level, which represents its peak during the 2021 bull run. 

Salehi expressed his thoughts in a recent post on X. He revealed that the existence of XRP and HBAR helped him to properly navigate the current market challenges. 

However, the blockchain advocate confirmed that he does not particularly own XRP in his portfolio. Despite this, Salehi referred to XRP as a “good coin.” His endorsement is in sync with his ongoing advocacy for XRP and Hedera, two assets he frequently promotes.  

Salehi’s Constant XRP Endorsements

Interestingly, nearly a week ago, the market pundit predicted an impending altseason if Bitcoin fails to reach a new ATH and remains range-bound. He speculated that such stagnation in Bitcoin’s dominance could result in an inflow of capital into altcoins, driving new ATHs XRP and others.

Meanwhile, on Nov. 21, he outlined scenarios where Bitcoin could achieve massive price milestones. He suggested that if President-elect Donald Trump implements tax-free policies for cryptocurrencies, Bitcoin could soar past $100,000 and potentially $200,000 by the end of 2025.  

Salehi emphasized that such policies would benefit altcoins like XRP, HBAR, and ADA. He linked this potential rally to Bitcoin breaching $150,000, which he believes could trigger ATHs for most top 30 altcoins.  

Interestingly, Bitcoin nearly crossed the $100,000 threshold on Nov. 22, reaching $99,800 before facing a pullback. 

Five days ago, Salehi asserted that XRP and HBAR would play important roles in shaping the future of cryptocurrency in the United States. He referred to the “American Crypto Act,” which he believes could introduce tax-free policies for crypto asset

Analyst Says Doubling Positions in Shiba Inu, Predicts SHIB Surge to $0.0002

Elendu Benedict
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Analyst Says Doubling Positions in Shiba Inu, Predicts SHIB Surge to $0.0002

A notable analyst has shared Shiba Inu Elliott Wave price targets, including a three-figure upsurge to a new all-time high following a breakout.

Shiba Inu, like most other cryptocurrencies, is in a corrective phase. The second-largest meme coin by market has relinquished most of its gains since it reached a top of $0.00002816 on Nov. 24, down 11% from the weekly high.

However, analysts view the downside as an accumulation opportunity before the imminent Shiba Inu explosive upside. Notable market speculator Charting Guy expects the short-term bearish market takeover to ensure a three-figure Shiba Inu upsurge.

Analyst States Multi-Level Shiba Inu Targets

Charting Guy asked his audience in a tweet today if they have accumulated enough Shiba Inu for an impending price upswing. The analyst then shared his assertions of Shiba Inu’s next price targets.

In an accompanying chart, he shows an Elliott wave pattern that he expects Shiba Inu to follow. Notably, his chart indicates that the meme coin has completed the first and second phases of the wave count, suggesting that the third wave is still underway.

The chart shows that Shiba Inu respectively achieved its first and second waves during the March upsurge past $0.000045 and the subsequent retracement to $0.00001080 in August. Per Charting Guy’s chart, the third wave phase is already underway and targets the $0.00012 price zone.

Notably, a surge to $0.00012 from the current market price entails a 380% upswing. At this price, Shiba Inu’s market cap would also rise above the $70 billion mark, which is higher than Dogecoin’s current valuation.

Shiba Inu to Surge to $0.0002

Charting Guy’s chart suggests that Shiba Inu would retrace to near the 0.786 Fibonacci level of $0.00004937 before the next leg up. At the start of the fifth wave, the analyst asserts that the leading meme coin will surge to $0.0002.

In aggregate, Shiba Inu would have surged 718% from the current market price if it attained $0.0002. Its market cap would also surpass the widely speculated $100 billion valuation to hit $118 billion.

Notably, several analysts have speculated that Shiba Inu is capable of claiming the $0.0002 price mark. For instance, Alan Santana previously asserted that the meme coin would reach this price in the near future, citing a broader market bullish momentum.

Furthermore, another analyst, Michael, asserted that Shiba Inu will follow an Elliot Wave pattern to $0.0002. His commentary shares similarities with Charting Guy’s analysis, with Michael suggesting the meme coin will make the much-coveted 718% uptick.

Doubling Positions In Shiba Inu

In anticipation of the impending upsurge, Charting Guy revealed he has doubled down on Shiba Inu accumulation. The analyst disclosed he had increased his exposure to the leading meme coin by 100% twice in recent dips, positioning himself to maximize the impending uptick.

 

 

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