Crypto Market Overview: Bitcoin Hits New ATH, Ondo (ONDO), Fantom (FTM), and Virtuals Protocol (VIRTUAL) Surge
The cryptocurrency markets kicked off the week on a bullish note after Bitcoin (BTC) reached a new all-time high (ATH) above $106.6K. This milestone sparked a massive upswing in several altcoins, with some tokens achieving notable gains, while others traded within a narrow range. Ondo (ONDO), for example, is leading the top 100 with an impressive 15% rise, while Fantom (FTM) and Virtuals Protocol (VIRTUAL) both maintain growth of over 13%. As the market remains bullish, the key question arises: Can these tokens sustain their dominance throughout the day?
Ondo (ONDO) Price Analysis
Ondo (ONDO) has been on a strong upward trajectory for over 40 days, continuing its ascent despite a decrease in trading volume. The bulls remain dominant, exerting enough pressure to maintain this bullish trend. Notably, Ondo managed to reverse the death cross that occurred in early September, generating significant bullish momentum. As a result, the token recently achieved a new ATH at $2.79.
According to technical analysis, the price remains within the bullish range of the Fibonacci (FIB) channels, with the price surging above the 1 FIB level. However, the next target is still at the 1.2 FIB level. The on-balance volume (OBV) is rising, which indicates that the bullish trend may continue. Additionally, the +DI and -DI indicators are diverging, signaling that the bullish momentum is likely to strengthen. Based on these factors, the ONDO price is expected to maintain its ascending consolidation and could potentially reach a new ATH of $2.33 before the end of the year.
Fantom (FTM) Price Analysis
Fantom (FTM) has been trading within a strong ascending trend since the reversal of its August lows near $0.26. Trading volume has risen steadily since November, although it has recently declined. However, the token could receive a fresh bullish boost as selling pressure fades. If this happens, the price is likely to secure crucial support levels that could set the stage for a new ATH in 2025.
The FTM price is currently trading within a rising parallel channel, but it has faced multiple rejections near the resistance levels. Although the token is experiencing some bearish pressure, bulls are expected to make a strong comeback. The Moving Average Convergence Divergence (MACD) shows a reduction in selling pressure, which could pave the way for fresh buying volume to accumulate. With increased buying pressure, the price is anticipated to break above the current range and reach $1.68. If the price sustains above this level, it could push higher and eventually exceed $2, possibly leading toward a new ATH.
Virtuals Protocol (VIRTUAL) Price Analysis
Virtuals Protocol (VIRTUAL) is currently in the discovery phase, forming a new ATH at around $2.79. With this move, the token is inching closer to entering the top 50 cryptocurrencies by market capitalization, surpassing notable tokens such as BONK, WIF, INJ, and even Ondo (ONDO).
Conclusion
The cryptocurrency market has started the week on a strong bullish note, with Bitcoin reaching new highs and altcoins like Ondo (ONDO), Fantom (FTM), and Virtuals Protocol (VIRTUAL) showing impressive gains. While these tokens maintain their bullish trends, it remains to be seen whether they can sustain their momentum and achieve new ATHs in the near future.
Key Takeaways:
- Bitcoin has set a new ATH above $106.6K, driving bullish sentiment across the market.
- Ondo (ONDO) has maintained a strong upward trend and is on track to reach a new ATH of $2.33.
- Fantom (FTM) is trading within a rising parallel channel and could break above $1.68, heading toward a new ATH in 2025.
- Virtuals Protocol (VIRTUAL) continues to make impressive gains, pushing closer to the top 50 cryptos.
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