Investors within the Fantom ecosystem are eager for the next bull market, which was possibly started in early January. Following a 186% growth in value in just 30 days, Fantom price is trading at $0.6415 at the time of writing.
Traders seem to agree that FTM’s path with the least resistance is to the upside, with the price rising by another 7.8% on the day. A 24% spike in volume to $649 million reinforces the bulls’ presence in the market. This upsurge shows how investors are accumulating FMT in preparation for the next rally to $10.00.
Fantom Price Rally Begins with a Bullish Roadmap
The next-generation layer 1 protocol boasting remarkable scalable solutions and fast transaction speeds will narrow its focus to the decentralized application (dApp) ecosystem in 2023. Andre Cronje, the co-founder, and architect of the Fantom ecosystem is marking his return to the crypto project with an ambitious roadmap—one that could make FTM highly competitive.
Cronje believes in the Fantom Foundation’s mission to deliver “the highest throughput blockchain available to provide a single secure settlement layer for all decentralized activity.” He argues that all dApps in the ecosystem should tap the power of the same base layer to ensure security for everyone involved, especially the user.
The new roadmap will, from the beginning, lean toward gas monetization – for revenue generation. Like the YouTube creator revenue model, dApps will share revenue based on the gas used, to ensure a sustainable income stream for strong teams.
Gas subsidies will pave the way for seamless user onboarding. In that, they will not need to have a wallet to interact with dApps. Users won’t need to know about FTM or pay gas fees beforehand to explore the resources within the ecosystem.
The roadmap will also scrap the need to differentiate between contract and EOA accounts. Everything will function as a contract, and they can initialize transactions and pay for gas. With the introduction of economic abstraction for gas fees, other tokens would be used to pay for fees in addition to the usual FTM.
The Fantom Virtual Machine would be revamped with a new middleware allowing the network to reach for the physical limitations of the hardware. Other crucial improvements will touch on performance engineering, training, funding, marketing, and business development.
According to a blog post by Cronje on February 1, work on the bullish roadmap has already started. For now, the team is concentrating on making the life of the DApp developer a lot easier by ensuring faster responses.
According to the celebrated developer, the aBFT consensus engine has something called true finality, which means a transaction once finalized cannot be rolled back. Consensus is also reached in an average of 700ms – 900ms, making the system synchronous for the development of dApps.
We could go on and on about the features Cronje is working on to revolutionize the dApp ecosystem, but space and time do not allow it. Moreover, those reading this article may not want to be bored by the technicalities of blockchain, but rather by how these developments influence growth.
Is Fantom Price Ready For $10?
Fantom price may have bottomed at $0.20 in May 2022, following the TerraUSD crash that sent the market on a wild tailspin. However, a recovery was not possible with the crypto market dealing with a spike in global inflation. The implosion of FTX exchange was also the last nail in the coffin, with FTM dropping to $0.1635 in early November.
Based on the weekly time frame chart, Fantom price recovery may have taken longer than expected to fully materialize, nonetheless, it commenced around July with a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Notice the MACD line in blue crossing above the signal line in red, confirming a growing bullish grip. The momentum indicator is about to move into the positive region above the mean line at 0.00 and validate an incoming bull run.
Fantom price signaled the previous bull market with a clear jump above two key moving averages on the weekly chart: The 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue).
The resistance once posed by the 50-day EMA is now in the rearview mirror, with Fantom price currently attempting a breakout above the longer-term 100-day EMA. Investors would be acclimatizing to gains above $1.00 as soon as FTM price settles above the lower gray band, as illustrated on the chart above.
In addition to the crypto market being generally bullish in Q1 2023, Fantom’s ambitious roadmap has the potential to keep the uptrend intact throughout the year. All the proposed changes and improvements to the protocol are intended to expand Fantom’s position and contribution to the dApp ecosystem.
Therefore, they will gradually expose FTM to a wider audience and push it into mainstream adoption – something every crypto project dreams about.
Fantom is already the sixth-largest layer 1 blockchain with a total value locked of $545 million. The network has in the last 24 hours recorded 48.8k daily active addresses (DAA) and comes in seventh position among layer 1 protocols. Fantom also has the seventh-highest daily transactions among similar blockchains.
The daily timeframe chart upholds the bullish outlook for Fantom price based on an incoming golden cross pattern. Investors who may be looking for another confirmation for their impending buy orders should closely look out for the 50-day EMA (in red) crossing above the 200-day EMA (in purple). This pattern has over the years helped traders confirm price rallies with some launching bull markets.
Although the resistance at $0.65 is proving to be a challenge for the bulls, a buy signal from the MACD still encourages investors to buy FTM. As momentum builds, Fantom price would curve a path not only above $1.00 but toward the coveted $10.00 level.
Fantom Alternatives to Buy Today
Before you invest in Fantom, you may want to consider other high-potential crypto projects alongside FTM.
We’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.