Join Our Telegram channel to stay up to date on breaking news coverage
The Fantom price surged over 26% in the past 7 days to trade at $0.8798 as of 5:45 a.m. EST.
The FTM price surge followed the Fantom Foundation revealing new details on its Sonic Network migration. This move is part of the project’s response to scalability issues suffered by the majority of the blockchain networks currently in the market.
Michael Kong Unveils Sonic’s Launch and Beyond
TL;DR
Sonic will be used to create a new best-in-class shared (decentralized) sequencer for L1 and L2 chains, capable of 180M daily transactions at sub-second finality, and serve as the foundation to relaunch Fantom as an entirely… pic.twitter.com/AFEYxddC09— Fantom Foundation (@FantomFDN) March 25, 2024
By integrating with this “best-in-class” network sequencer, blockchain networks achieve a higher throughput. The sequencer is able to process 180 million transactions a day with “sub-second finality,” according to the project’s team.
The Fantom Price Could Break Out Soon
4-hour chart for FTM/USD (Source: GeckoTerminal)
The Fantom price attempted to overcome the resistance level at $0.9168 over the past 48 hours. However, sellers were able to defend the mark. This led to a correction throughout the past day of trading. FTM is now resting on the $0.8442 support level as a result.
The latest movements by the Fantom price have resulted in the formation of a symmetrical triangle on its 4-hour chart. This particular chart pattern suggests that the altcoin could enter into a strong move in either direction in the coming 24 hours.
Should FTM break down, it might lose the support of the aforementioned $0.8442 mark. Traders could then choose to capitalize on this and try to pull the crypto’s price down to as low as the next key support level at $0.7779 in the short term.
On the other hand, a bullish surge above the symmetrical triangle might see the Fantom price flip the $0.9168 barrier into support. A 4-hour candle close above this major price point could then be identified as a long entry by traders. This potential influx of buy volume might subsequently push FTM to $0.9736 in the following couple of days.
The Fantom Price: Buyer Strength Dropped
Technical indicators on FTM’s 4-hour chart show that bears and bulls are currently evenly matched. It does, however, seem that more buyers are starting to enter the altcoin’s charts.
Following the rejection from the $0.9168 resistance, the Moving Average Convergence Divergence (MACD) line crossed below the MACD Signal line. Traders usually identify this technical occurrence as an indication that a crypto has entered a negative cycle.
Meanwhile, FTM’s Relative Strength Index (RSI) indicator on the 4-hour chart shows that buyers’ strength also dropped over the past 24 hours.
FTM’s bearish situation could soon change, as both the MACD and RSI are starting to show bullish signs. Firstly, the MACD line is rising towards the MACD Signal line. A cross between these two technical indicators in the upcoming 12 hours might signal that FTM has escaped its negative cycle.
Buyers are also starting to regain some of the strength they lost recently, as evident by the positive slope of the RSI line. What’s more, the RSI is above 50, which could signal that bulls have the upper hand against bears. With the positive slope of the RSI, buyers seem to be growing more dominant.
After Fantom‘s surge, investors might consider shifting some of their gains into Solana GameFi sensation Mega Dice.
A Flourishing Online Casino Offering Unmatched Rewards And Benefits
Mega Dice is a rapidly growing global casino brand that boasts more than 50,000 players. Looking to add to its wide array of online betting games, the project launched its own crypto utility token with the ticker symbol DICE.
Score BIG by joining our 6,000 USDT #SportsTournament NOW! 🚀
Compete for 20 thrilling prizes every month, including a jaw-dropping 2,000 USDT grand prize! ⚽
Don't miss out on the action – opt in today! 🌟
🔗 https://t.co/OzfgsmWabc pic.twitter.com/fMawbexpk2
— Mega Dice Casino (@megadice) May 16, 2024
Not only will DICE holders be eligible for a massive airdrop campaign worth more than $2.25 million, they will also gain access to daily rewards if they stake their tokens. These rewards will be dependent on the success of the Mega Dice Casino.
With more than 10k active monthly players and over $50 million in monthly bets on the platform, DICE investors stand to earn lucrative rewards from the get-go.
Investors Rush To Get In Early On DICE
Investors have already bought over $1.1 million worth of DICE through its ongoing presale. A part of the success could be due to the early bird bonuses up for grabs for anyone who purchases the token during its ICO phase.
Limited edition NFTS will also be offered to all DICE investors. Through these digital assets, players and investors will gain access to special privileges and rewards. Alternatively, the NFTs can be traded on the market as well.
Given all of the rewards and benefits made available to presale investors, it is no wonder that crypto YouTuber Michael Wrubel told his 312k subscribers that he is bullish on DICE.
Anyone wanting to buy the DICE token at this early stage can do so through the simple buy widget on the project’s website.
Purchase and stake DICE tokens here.
Related Articles:
- Upcoming Crypto Presales: Unlock Early Investment Opportunities!
- Venezuela Bans Crypto Mining Amid Recurring Blackouts
- Ripple Urges Adoption of Quantum-Resistant Cryptography Following Expert Warnings
Mega Dice - Newest GambleFi Token
- Established Crypto Betting Brand
- Featured In Cointelegraph - First Licensed Telegram Casino
- Presale Live Now - megadicetoken.com
Join Our Telegram channel to stay up to date on breaking news coverage
