The host of popular crypto analysis and market commentary show Coin Bureau says that Ethereum competitor Fantom ($FTM) has fundamentals that are still looking “extremely strong.”
Here is a little introduction by the Fantom team to this exciting crypto project:
“Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source. Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure.“
According to a report by The Daily Hodl, in a YouTube video released on March 17, the Coin Bureau host had this to say about $FTM:
“As I shoot this video, it’s down almost 3x from its all-time high, and I see a nasty double-top pattern on the long-term price charts. You don’t want to know where the target is if that pattern breaks to the downside, believe me...
“Before you panic, though, take a moment to consider the fact that Fantom’s fundamentals are still looking extremely strong. For starters, all the FTM allocated to the team and early investors finished vesting in late 2020 and chances are they’ve already sold a substantial amount of that FTM. This is good because it means there will be less FTM for them to sell in the future and therefore less price suppression they can cause.“
As for Fantom’s adoption, he said:
“Fantom has over 2.5 million unique wallet addresses. And this trend doesn’t seem to be slowing down... An even more important on-chain metric is the number of daily transactions which has taken a bit of a nosedive but nonetheless remains in a strong long-term uptrend... In terms of total value locked, Fantom has seen some slowdown on that side as well but is likewise in a long-term uptrend.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.