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- Fantom experienced the largest hike in generated fees in the past six months.
- Despite promising growth in revenue, Fantom network growth dipped over 74% in the past month.
Fantom Foundation laid down a roadmap for 2023 earlier this year, in which the major agenda was focused on transaction fees. According to Token Terminal, the network has earned 28.76% more fees in the past month. A similar rise is witnessed in the revenue earned for the past month, which has increased to $115.00k. In addition, the daily active users for the past month observed an uptick by 8.2%, suggesting a steady increase due to the adoption of several new guidelines laid down by the Fantom co-founder, Andre Cronje.
The Monoscope
FTM price is forming a rising wedge pattern after a series of downtrend. The price prepares for a future rally as it nears a breakout. The price action occurs above the EMA ribbon giving out bullish signals with the falling price at press time. The projected price breakout can aim for the price level beyond $0.70, and rising by about 40%.
The volume declines with contracting FTM price suggesting a drained interest due to ongoing adoption of the network by the users. The Bollinger Bands contract as the prices move near the mouth of the wedge, with current price near the upper band. The rising price faces rejection near $0.4975 and begins to dip. The flat laying OBV represents a neutral market for FTM.
FTM price moves horizontally keeping the bullish trend intact, as per Super Trends. The trend may continue to form, unaffected from the temporary dips in FTM price. The Commodity Channel Index (CCI) suggests a bullish price gap from its historical prices. The CCI downticks to match the temporary price dip in FTM. The MACD diverges and continues to display a buyer interaction by recording ascending buyer bars. The RSI after rising from the 50-mark average, drops to reflect buyers encountering sellers in the market.
The Microscope
In the 4 hour time frame, FTM price moves horizontally under a bullish trend. The Super Trends shows a step up in the price movement and the bull trend. The CCI falls to the 50-range and suggests a narrowing gap within present price and historical prices. The MACD converges from the positive cross and records descending buyer action in the market. The RSI drops from the overbought zone near the 55-range to suggest a falling buyer interest in the shorter time frame.
Conclusion
FTM network growth has declined despite the rise in revenue and fees collection. The price falls temporarily to gain momentum for the bullish breakout in coming days. Fantom Foundation reported a rise in fees collection, which reflects ascending adoption of the new amendments made in the network by its co-founder Andre Cronje. The holders can rely near the support $0.5275.
Technical levels
Support levels: $0.5275 and $0.4975
Resistance levels: $0.4500 and $0.4095
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
