Indeed, as the wider market sees a reigning-in over the past week, it seems that the correction has only just caught up to AVAX and DOT, though the FTM price continues in its growth.
While AVAX and DOT struggle today, down 4.45% and 9.2% respectively, the lapse has done little to derail their recent growth streak. They still retain a 20.88% and 36.65% lead on their prices from this time last week.
Surpassing them all, however, Fantom seems completely unphased as it continues to ride the bullish wave, up an additional 9.84% today and 44.48% over the past week.
FTM Price Analysis: Are Layer 1 Altcoins the play this cycle?
As recently reported by CryptoQuant, Layer 1 altcoins seem to be among the biggest beneficiaries of the anticipated favourable regulatory policies under the new U.S. administration.
The election outcome has renewed hope for clearer guidelines and reduced uncertainty in the crypto space, creating a tailwind for projects with robust fundamentals.
While FTM does not speak for other Layer 1s, its position as a top performer does underscore the category’s potential this cycle.
Notably, the bullish breakout of an ascending channel is pushing the FTM price closer to a retest of an ascending broadening wedge pattern forming since mid-2022.
FTM / USDT 1W chart, ascending broadening wedge pattern. Source: Binance.
While the channel breakout sets a conservative price target of $1.28, a 25% increase from current prices, other indicators suggest the breakout could go much further.
Particularly, the 50SMA appears to be on course for a bullish golden cross, surpassing the 200SMA. A move which, in recent history, has led to significant upticks in the FTM price.
This makes an extended breakout towards the ascending wedge pattern’s upper boundary feasible. Given that the retest occurs on strong footing, a decisive breakout could set a $2.775 price target, a massive 150% advance on current prices.
Though the rally may not be as smooth as it has been thus far, particularly as the Relative Strength Index (RSI) nears overbought territory, nearing 70, cautioning a potential correction.
This Sector is Outperforming Layer 1s
While layer-1s certainly have their hold on the altcoin market, meme coins appear to be leading gains this cycle. After all, fortune favors the bold.
As “meme coin supercycle” sentiment takes hold and coins like $ACT and $Pnut experience sudden rises to prominence, analyst Murad Mahmudov notes a pardim shift towards “movement coins” poised to reshape the crypto landscape.
These community-centric meme coins hold exponential growth potential, forming ideologies and deep-rooted engagement.
Something mirrored by newcomer, Flockerz ($FLOCK), the vote-to-earn meme joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.
Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get side-lined in decision-making?
Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising almost $3.5 million in its presale so far!
With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.
Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.
But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting an impressive 665% APY. While some coins wane amidst recent volatility, The Flock continues to rake in consistent gains!
Join The Flock on X and Telegram to stay up to date on the latest announcements.
Check Out Flockerz Here
The post Layer 1 Altcoins Immune to Bitcoin Dip: AVAX, DOT and FTM Price Surge Despite Red Market appeared first on Cryptonews.
