It might appear Fantom (FTM) hodlers have mastered the Zen mindset and shouldn’t learn about corrections, market FUD, or the frightening news filling today’s market analysis.
Launched in 2018, Fantom is really a Layer 1 designed to contend with Ethereum. It utilizes a single consensus layer, known as Lachesis Protocol, to aid the development of multiple execution chains.
The FTM token has registered a outstanding 13.7% spike within the last 24 hrs and is the greatest performing token from the best players by market capital. It stands in stark contrast towards the overall market performance, with 87 from the best players tokens getting seen a downturn previously day.
Yesterday colored another picture, with nearly 90% of tokens registering gains. However, today’s landscape is really a sharp contrast, with simply 13 tokens within the eco-friendly. Of these, Fantom leads those, rising from $1.04 to $1.18 in the last 24 hrs. This upward trajectory isn’t a recent phenomenon the gold coin was buying and selling at $.76 just 7 days ago, marking a considerable 55.6% rise in value in the last week.
Strangely enough, the worst artist within the best players may be the meme gold coin PEPE, having a 11.6% drop within the last 24 hrs along with a 17% decline in the last week.
Just days ago, Pepe was leading the memecoin craze registering two digit gains in 24-hour buying and selling sessions. However—as we are able to see out of this example—memecoins are very volatile and may move from the top performing towards the worst performing token from the crypto markets very quickly.
Fantom’s bullish run might be related to anticipation surrounding its approaching network upgrade. The Sonic upgrade, set to transition from testnet to mainnet early in the year of 2024, is anticipated to considerably boost transaction processing speeds. The Sonic mainnet will switch the existing mainnet Opera, which presently includes a throughput of just 3.2 transactions per second.
Fantom Sonic may be the new iteration from the @FantomFDN technology stack, ushering in main upgrades and scalability enhancements without requiring a disruptive hard fork.
Let us join in 🧵 pic.twitter.com/Xp6W9BhiiN
— QuickNode (@QuickNode) March 18, 2024
In comparison, the closed testnet with simulated traffic has shown an optimum theoretical throughput of two,000 transactions per second (TPS) having a time for you to finality of just one.1 seconds. This upgrade may potentially transform the network’s efficiency and get more developers towards the platform.
The brand new Fantom Virtual Machine (FVM) is yet another development that caught the attention of investors and enthusiasts. They behind Fantom has stated it’ll translate the Ethereum Virtual Machine’s (EVM) code into Fantom’s native format, enabling developers to transition easily and revel in faster execution occasions. This might potentially increase network adoption and additional boost Fantom’s performance.
Theoretically speaking, FTM continues to be on the bullish streak since late The month of january, showing no indications of correction all year round, unlike what Bitcoin, Ethereum along with other tokens have observed. The space between your EMA10 and EMA55 (the typical prices from the last 10 and 55 days) signifies rapid growth, and also the relative strength index (RSI) suggests a buying craze with 77 bulls and 33 bears inside a 100-person market scenario.
Presently, FTM is testing a pressure zone between $1 and $1.10, an amount that offered as support on three occasions between September 2021 and April 2022. This is actually the very first time since that time the gold coin has arrived at such high costs.
Whether it does not break this resistance and lastly corrects to some lower reason for the chart, immediate support appears to be with $.90. However, whether it seems to break through —keeping its bullish momentum— the following target might be round the $1.5 area.
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