We all know that Fantom Network is a scalable blockchain platform to create crypto DApps, DeFi and various enterprise. This is an alternative to Ethereum Network. FTM is the native token of the Fantom network. According to the coinmarketcap website, FTM is ranked at 41.
Major Announcement from FTM
In an announcement made in its blog on January 19, 2023, the Fantom network has introduced a vaulting mechanism to support with decentralised funding assistances to the start ups developed by the FTM network. The Ecosystem Vault was added to the network on January 20 to provide alternative funding for Fantom-based projects. This fund will be controlled by the Fantom community. 10% of the network’s gas fees goes to the Vault. The Vault will assist early-stage start-ups built on Fantom eco system.
Those who need funding to post detailed description of the projects on the Fantom Community Forum. It will go for voting in the Community Forum to support. 55% voting is required to support the project for funding.
FTM Price Movements & Predictions:
With this promising developmental news on anticipation on various new projects, FTM coin price was moved a lot in the upward direction. For the past one week the coin recorded a price hike of about 17%.
The FTM price was struggled to move above 0.4 for a long period of time. So far, the FTM price consolidation happened between the narrow bound range from $0.44 to $0.16.
As it crossed the resistance, we can expect this coin to reach a high of >$0.6 in short time.
While the weekly price chart of fantom records with the candles have broken the upper Bollinger Bands. This may lead to some corrections in the next few months but the strong support at the bottom is $0.4.
FTM currently trades at $ 0.4702 which is trading a low by 86.47% from its All Time High, a down of 1.3% from the last 24 hours. The All Time High was recorded at $3.48( On 28 Oct 2021 ) the All Time Low was recorded at $ 0.0019533 (On March 2020).
Let's watch and see whether the momentum would continue in FTM.