$FTM broke its resistance level of 0.74
👉🏼Most likely it will retest this level later on
👉🏼From technical perspective the next serious resistance is at 0.8 which it is close to now
👉🏼While coin looks overbought, multiple indicators suggest bullish scenario
👉🏼Regarding the fundamentals:
It is important to mention, that while utility coins are pretty similar in their behavior to stocks, there is no financial data to base the analysis on. So this is just a review:
👉🏼Company was funded in 2018 with total known investment amount of $40M.
👉🏼Workforce distribution in a company: 24% engineers, 8% marketing, 10% Business Development.
👉🏼In the last 6 months the development team shrank by 11%, while business development increased by 17%.
👉🏼They have recently made two senior hires: Chief Marketing Officer and Chief Research Officer.
👉🏼To simplify all of above company is seriously focused on growth, which in turn indicates successful advancement of the technology. If there is no product - there is nothing to market.
👉🏼As they share fees with developers who participate in app development - ecosystem growth relatively fast.
👉🏼Fantom are looking to receive back $200M that Multichain managed to blow (money was stolen) and recover losses (at least partially) for their users.
👉🏼It is quite interesting:
“While the current judgment relates only to Fantom Foundation’s own losses, the Foundation plans to use this legal victory to pave a path for all users to lodge their claims against Multichain,” said Fantom’s official.
👉🏼In addition to that, the technology is impressive. They suggest virtual machines that increase the speed of transactions and finality, but they also reduce storage space (storage is expensive. Very expensive)
👉🏼Add to this overall market hype + limited supply.
This is not a financial advice, I’m personally quite optimistic on Fantom.
#Write2Earnn #FTMUSD