• Fantom released a decentralized funding system called ecosystem vault. 
• The vault will get 10% of the transaction fees.
• Volume spiked by more than 100% in the last 24 hours.

Fantom is a Layer1 blockchain that has launched a decentralized funding mechanism intending to finance blockchain projects via a community-driven governance process. The official blog post revealed that the funding system is named “ecosystem vault,” a mechanism that provides some elbow room to projects securing funding to build dApps on Fantom. 

The vault is said to get 10% of transaction fees paid on the blockchain in FTM. This vault currently holds about 69,000 FTM tokens worth $20,000. The maximum amount that can be requested will be equivalent to the total supply of Fantom tokens in the vault at the time of application.

The chart tale

FTM prices that surged since the start of 2023, have started to form a bullish flag. The volume displays both sellers and buyers actively participating in the market. The uptick in OBV shows the present scenario is positive and can further improve from here. All crucial EMAs float beneath the current price of $0.35.

The CMF rises in the positive zone to mark the bullish movement of the prices. The MACD records a thread of buyers participating in the market as the lines diverge under bullish influence. The RSI lays close to the 70-range to mark the buyer pull in the market. 

The closer window

The 4-hour time frame suggests the price faces a staggered rise. After bouncing about the baseline, the CMF rises from the zero mark to mark the current trend. The MACD recorded a long rule of sellers, followed by buyers taking charge. The RSI, which slipped closer to the half line, retraced back to the 70-range as buyers influenced the market. 

Conclusion

The FTM holders are overall satisfied as the network keeps upgrading the ecosystem to enhance its usability. The FTM prices are well-reflective of the investors’ sentiments. The current price forms a bullish flag and hints at a future rally.

Technical levels

Support levels: $0.23 and $0.16

Resistance levels: $0.40 and $0.45

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.