The cryptocurrency market has some bullish rallies today, with Fantom (FTM) and Sei Network (SEI) emerging as two of the biggest gainers, spiking by over 25% and 20% respectively. Let’s delve into the potential catalysts behind these price surges.
What you'll learn 👉
Fantom (FTM) Soars on Bullish Momentum
According to a post on TradingView by Coinpedia-Market-Insight, Fantom’s price has decisively broken above a key resistance trendline, signaling a robust bullish reversal. The 26% increase in the last 24 hours underscores strong buyer interest and a potential turnaround in sentiment.
The substantial overnight jump in Bitcoin has also catalyzed a broader altcoin sector recovery, benefiting Fantom significantly. With the current momentum, analysts suggest that FTM is well on its way to surpassing the $1 milestone shortly.
Additionally, the spike in trading volume supports the ongoing surge, indicating a solid bullish conviction among traders. The Relative Strength Index (RSI) nearing the 70% line showcases a dramatic increase in buying pressure and market enthusiasm.
By breaking above the 50-day Exponential Moving Average (EMA), Fantom has successfully averted a potential death cross, reinforcing the bullish outlook. The price is currently challenging the 23.60% Fibonacci level at $0.8194, with eyes set on further gains. If momentum continues, some analysts believe FTM could not only breach $1 but could aim for the $1.618 Fibonacci level at $1.85.
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Show more +Sei Network (SEI) Rallies on Ecosystem Developments
The rally in Sei Network (SEI) has been fueled by various updates from the SEI team, aimed at enhancing the blockchain and attracting more participants to the project.
One significant development is the integration of Ether.fi, a decentralized, non-custodial delegated staking protocol, as the first Liquid Restaking Token (LRT) in the Sei ecosystem. This move introduces new staking solutions to the Sei DeFi landscape, contributing to a more dynamic and decentralized ecosystem.
Furthermore, the Sei community rallied together to raise 8.5K SEI for Taiwan Earthquake Relief through the largest NFT fundraiser in Sei history. This initiative showcased the community’s spirit and commitment to making a positive impact.
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The Sei Foundation has also announced plans to donate an additional 30 SEI for every “Proof of Gym” picture posted in the Sei Fitness Club chat (excluding cardio), with a total of 5k SEI up for donation. This effort aims to support vital relief efforts while promoting a healthy lifestyle within the community.
Looking ahead, the Sei team has outlined a three-phase plan for the upcoming Sei v2 upgrade, which includes governance, stability and infrastructure deployment, and a live beta launch. These developments have likely contributed to the growing interest and optimism surrounding the Sei Network ecosystem.
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