Fantom Continues to Display Sluggish Price Growth Despite a Vibrant Ecosystem

Fantom (FTM) was developed to address the trilemma of scalability, security, and decentralization by building a new generation of blockchain technology in place of Ethereum. 

Despite Fantom’s impressive 2,100% growth and another 2,000% increase in unique addresses, FTM is still having trouble, losing 93% of its value since its ATH in January 2022. FTM needs a more effective revenue-earning plan.

With the recent passing of a governance proposal providing gas monetization to successful dApps, FTM will offer a new source of income which will depend on the volume of transactions produced by their dApps but gas monetization will strengthen Fantom’s developer community. 

Fantom is currently trading at $0.41 at the time of writing with a $78.23 million 24-hour trading volume. The last day saw a 4.05% gain in Fantom. The current FTM ranking by market cap is at 62. 

Fantom has also announced the Sonic upgrade (currently in testnet) which will open up new markets to blockchain adoption, which was previously impeded by poor finality and transaction throughput. Sonic will unveil a new era of blockchain games, DeFi platforms, and numerous more applications that can take advantage of Sonic’s speed and scalability.

A significant reduction in the validator self-staking requirement from 500,000 FTM to 50,000 FTM has been announced by the Fantom Foundation. This modification takes effect right now. The Fantom Foundation wants to increase accessibility and democracy in the process of becoming a validator on its network by lowering the self-staking requirement.

Fantom Daily Price Chart

Fantom’s daily price chart analysis revealed that $FTM reached $0.4153 and that positive pressure was still present. Additionally, the coin’s 24-hour volume has risen remarkably indicating a rise in trading activity. The RSI-14 trendline of the coin has turned around and is currently around 44. However, the SMA-14 level indicates that volatility will be higher in the next hours.

Fantom 24 hrs price chart. Pic Credit: Trading View

At the time of writing, the indicator is aiming for a positive reversal, indicating that bullish positions have begun to build. MACD trendline has produced bullish candles above the signal line.

FTM’s price could potentially rise and reach a new resistance level at $0.52 if it can manage to hold above the $0.40 level.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

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