Investors in the Phantom Ecosystem are looking forward to the next bull market, which probably started in early January. The Phantom price is trading at $0.6415 at the time of writing, after increasing its value by 186% in just 30 days.
Traders seem to agree that the path of least resistance is to the upside with the FTM gaining 7.8% on the day. A 24% increase in volume to $649 million reinforces the presence of the bulls in the market. This bounce shows how investors are accumulating FMT in preparation for the next rally to $10.00.
Phantom Price Rally Begins With a Bullish Roadmap
The next-generation Layer 1 protocol will shift its focus to the Decentralized Application (DApp) ecosystem in 2023, boasting remarkably scalable solutions and faster transaction speeds. Andre Cronje, co-founder and architect of the Phantom ecosystem, is marking his return. A crypto project with an ambitious roadmap – one that could make FTM highly competitive.
Cronje believes in the Phantom Foundation’s mission to “provide the highest throughput blockchain available, providing a single secure settlement layer for all decentralized activity.” He argues that all dApps in the ecosystem should harness the power of the same base layer to ensure security for everyone involved, especially users.
The new roadmap will, from the very beginning, lean towards gas monetization – for revenue generation. Similar to the YouTube creator revenue model, dApps will share revenue based on gas used, ensuring a sustainable income stream for strong teams.
The gas subsidy will pave the way for seamless user onboarding. In this, they will not need to have a wallet to interact with dApps. Users will not need to know about FTM or pay gas fees in order to locate resources within the ecosystem.
The roadmap will also eliminate the need to differentiate between contract and EOA accounts. Everything will act as a contract, and they can initiate transactions and pay for gas. With the introduction of economic abstraction for gas fees, other tokens will be used to pay for fees in addition to the normal FTM.
The Phantom Virtual Machine will be redesigned with a new middleware to allow access to the physical limits of the network hardware. Other significant improvements will touch on performance engineering, training, funding, marketing and business development.
According to Cronje’s February 1st blog post, work on the bullish roadmap has already begun. For now, the team is focused on making life easier for dApp developers by ensuring fast responses.
According to the well-known developer, the aBFT consensus engine has something called True Finality, which means that once finalized, a transaction cannot be rolled back. An average of 700ms – 900ms has also been agreed upon, making the system synchronous to the development of dApps.
We could go on and on about the features Cronje is working on to revolutionize the dApp ecosystem, but space and time do not allow. Furthermore, the people who are reading this article do not want to get bored with the technicalities of blockchain, but rather how these developments affect its development.
Is Phantom Price Ready For $10?
Phantom price could fall to a low of $0.20 in May 2022, following the TeraUSD crash that sent the market on a wild tailspin. However, recovery was not possible with the crypto market dealing with a spike in global inflation. The FTX exchange implosion was also the last nail in the coffin, with FTM falling to $0.1635 in early November.
Based on the weekly time frame charts, the phantom price recovery may take longer than expected to fully materialize, yet, it started around July with a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Note the MACD line in blue crossing above the signal line in red, which confirms the increasing bullish hold. The momentum indicator is about to move into positive territory above the mean line at 0.00 and validates an upcoming bull run.
The phantom price signaled a previous bull market with a clear jump above two key moving averages on the weekly chart: the 50-day exponential moving average (EMA) (in red) and the 100-day EMA (in blue).
The resistance once held by the 50-day EMA is now in the rearview mirror, with phantom price currently attempting a breakout above the 100-day EMA. As shown in the chart above, investors will acclimatize to profits above $1.00 as soon as the price of FTM consolidates above the lower gray band.
In addition to the crypto market generally being bullish in Q1 2023, Phantom’s ambitious roadmap has the potential to sustain the uptrend throughout the year. All proposed changes and improvements to the protocol are aimed at expanding Phantom’s status and contribution to the DApp ecosystem.
Therefore, they will gradually bring FTM to a wider audience and push it into mainstream adoption – something that every crypto project dreams of.
Phantom is already the 6th largest layer 1 blockchain with a total value of $545 million. The network has recorded 48.8k Daily Active Addresses (DAA) in the last 24 hours and comes in seventh place among Layer 1 protocols. Phantom also has the seventh largest daily transaction volume among similar blockchains.
The daily time frame chart maintains a bullish outlook for Phantom price based on an upcoming golden cross pattern. Investors looking for another confirmation to place their impending buy orders should carefully watch the 50-day EMA (in red) above the 200-day EMA (in purple). This pattern has helped traders confirm price rallies over the years with some launching bull markets.
Although the resistance at $0.65 is proving to be a challenge for the bulls, a buy signal from the MACD still encourages investors to buy FTM. As momentum picks up, Phantom price will curve towards not only above $1.00 but also towards the coveted $10.00 level.
Great option to buy today
before you invest in phantomYou may want to consider FTM as well as other high-potential crypto projects.
We Review the Top 15 Cryptocurrencies for 2023, as Analyzed by crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
Related Articles:
