Fantom Joins Bitcoin and Ethereum in Price Rally with 40% weekly gains
2022.07.21 10:57
Fantom Joins Bitcoin and Ethereum in Price Rally with 40% weekly gains
- Fantom joined Bitcoin and Ethereum with explosive double-digit week-on-week growth as the crypto market cap sustained above $1 trillion.
- After struggling with recovery since June 2022, Fantom managed to recoup its losses and break into an uptrend.
- Fantom’s price is primed for a rally to a monthly high of $0.41, next bullish target is $0.99.
Fantom joined the ranks of cryptocurrencies posting massive gains in the ongoing crypto price rally. The fast and scalable next-generation layer-1 platform recently shared development updates on the Fantom ecosystem.
Fantom attempted to recoup its losses in June, however, it failed. FTM witnessed a 44.4% weekly gain and hit a weekly high of $0.35. This level is now a key psychological barrier for FTM holders and failure to sustain above $0.35 could trigger a trend reversal.
If Fantom’s price sustains above $0.35, the altcoin is likely to hit its monthly high of $0.41 and the bullish target of $0.99 in keeping with its uptrend. Based on Fantom’s price trend, the altcoin is ready to push higher and follow Bitcoin and Ethereum in their recovery.
As Fantom trades near the $0.35 level, the next few days and daily candlestick close are key areas to watch for the altcoin’s trend. Fantom price is 32% higher than it was in early July 2022 and indicators reveal bullish potential in the layer-1 token.
FTM-USDT Perpetual Contract (Source: TradingView)
Fantom’s governance proposal called FTM stakers to fund projects, ideas, and creations on Fantom through the Ecosystem Support Vault. Fantom stakers can vote for the proposal, and a third of the existing 30% burn rate from transaction fees will be diverted to the Ecosystem Support Vault, which will eventually fuel growth in the FTM ecosystem.
Fantom recently implemented an update to optimize fWallet for mobile and offer a fully responsive web experience to users. On July 11, the Fantom network announced a total of 7,300 nodes across 60 countries worldwide. The layer-1 platform is borderless and permissionless, making it one of the top choices among developers.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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