Ftm Could Soon Cross the $2 Mark

Journalist

• The number of FTM addresses has decreased and development activity has also⁢ decreased.
• The value of FTM could decline if ​it‍ were overbought.

Fantom is​ available at a reasonable price [FTM] The price of​ Sonic Upgrade, a smart contract platform, increased by 5.5% within 24 hours of its release on March 25th.

Fantom describes Sonic, the next step in achieving higher throughput, as Sonic.

The anticipation⁢ of the ⁤upgrade has long fueled optimistic sentiment around the token. AskFX also ‍reported that this was one of the main reasons why the price of ⁢the⁣ token exceeded ​the $1 mark.

But not everyone ⁣knows all the details. Michael Kong, the CEO of ⁢the Fantom Foundation, published a blog on Monday explaining what users can expect.

There is a lot‌ at stake as engagement drops

Kong said‌ the ⁤upgrade will improve the token bridge on the network. He mentioned that it would improve security,​ off-chain implementation and on-chain verification.

Kong explained⁣ this.

Sonic⁤ is used​ to create best-in-class common​ sequencers for L1-L2 chains. These will process over 180 million transactions daily⁢ with actual confirmation times ⁣of less than a‍ second. They will also serve as the foundation for Fantom’s relaunch into a community-focused brand.

The Fantom community was confident before the recent memo that this development would help the project gain momentum. FTM⁤ is also in high demand.

However, AskFX has discovered‍ that Fantom’s development activities are⁣ now ⁤much⁤ tamer than before. As of March 22, data from Santiment showed that ⁢the metric for Fantom was 0.24.

At the time of this writing, the metric ‍had dropped to 0.31. This decline suggests that developers have slowed down their efforts to improve Fantom.

This could normally be​ a negative signal. ⁣The price of FTM could be affected if it stays the⁤ same. Network growth⁢ has also ‍declined, as has development activity.

FTM ⁤is getting⁤ slower

This metric measures the number of ⁤addresses making their first transaction on the‌ network. The decline​ in FTM ⁤adoption was a sign that the trend had‌ slowed.

The ​Exponential Moving Average (EMA) on the daily⁢ time frame showed that FTM was in an uptrend. The 20-EMA had crossed the 50-EMA.

The Awesome Oscillator was also positive, indicating growing bullish momentum. However, a red histogram⁤ bar was visible, suggesting that the bullish momentum may ​stall in the short term.

Here is⁢ the FTM ​market cap in ETH terms.

AskFX also ‌analyzed the Money ⁣Flow⁣ Index. MFI was close to⁢ 80.00 at ‌the ⁤time of publication, indicating that the token was‌ overbought. The price could decline with this trend.

However, some predictions suggest that ​the upgrade will reduce the price to $2. Fantom hasn’t released data on the upgrade yet, so there’s no way ‌to say for sure.