Fantom price rally becoming overextended after 230% gains in five weeks.
) risks pulling back in February due to a growing divergence between its price and momentum in recent weeks., trading at $0.61 on Feb. 5. The rally came as a part of a broader crypto market recovery but outperformed most top-ranking crypto assets due to the hype created by Andre Cronje.
Cronje is the co-founder and architect of Fantom’s layer-1 blockchain. On Dec. 26, 2022, the developerdiscussing the goals and priorities for the Fantom ecosystem in 2023, including his intention to allow decentralized app developers to earn 15% of the network’s revenue. The FTM price has seen five weeks of gains in a row since Cronje’s letter to the Fantom Foundation team.The FTM/USD pair looks ready to close the week ending Feb. 5 with at least a 25% profit, helped by Cronje’s latest TwitterFantom price technicals hint at correction aheadbetween its rising price and falling momentum.has made lower highs. As a rule of technical analysis, such a discrepancy means that the upside momentum is slowing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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