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- Andre Cronje-introduced gas monetization embraced by the community.
- Cronje responded to DeFi debates, making the token take positive turns.
- FTM prices rose by nearly 35% in the last 7 days.
Andre Cronje, the architect of Fantom Foundation, had forever gotten the community talking. Recently, he responded in disagreement with people who said DeFi is dead and the period of high yield is gone. Cronje, via a Medium post accepted the fact that the crypto bear market of the past year impacted the market and pushed users to switch to other available options. But to this he added, at spot rates, on-chain metrics and yield reading from various DeFi protocols are possibly undervalued.
In support of the claims made by FTM’s guardian angel, the community showcased support to the gas monetization program. The program extends the facility to high quality decentralized apps (dApps). It provides dApps with sustainable income and gas fee sharing incentive. Andre detailed out the various solutions Fantom offers to the developer ecosystem.
Monoscopic View
The FTM prices have moved in bullish momentum since the beginning of 2023 due to the updated roadmap released by Cronje. The volume has shown high volatility, with rising OBV depicting positive pressure in the market. The EMA ribbon recently formed a golden cross (green circle), indicating strong bullish signals. The price rally may witness resistance near $0.67. The current rally, with respect to the previous swing, may reach near $0.90.
The CMF moves sideways in the positive region to show persisting bullish influence. The MACD records ascending buyer bars while the lines diverge soaring high in the positive zone. The RSI revolves in the overbought zone to reflect high buyer influence.
Microscopic View
The 4 hour time frame suggests the prices climbing steps. The CMF has managed to remain in the positive zone to image the bulls. The MACD along with sellers, have recorded buyers and the lines undergoing a bullish divergence. The RSI has leaped to the ceiling range to mirror the overwhelmed reactions of the buyers.
Conclusion
The Fantom community is apparently bullish on the prospects in the future. The rally is attributed to a reaction to various initiatives to be rolled out for the benefit of developers in the foundation. The FTM holder must watch out for the resistance near $0.67 and trace the rally reaching near $0.90.
Technical levels
Support levels: $0.30 and $0.16
Resistance levels: $0.67 and $0.86
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
