Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46.

Timeline of Axelar, Fantom

Fantom co-founder and blockchain architect Andre Cronje announced important innovations regarding the ecosystem's native overcollateralized stablecoin fUSD. According to the developer's post, these innovations are needed to make the systems more predictable and budget-friendly for builders, partners and users.

Fantom [FTM] has remained relatively bullish in the past week, apart from Wednesday (January 25). The three-hour chart's Relative Strength Index (RSI) hit the overbought zone twice in the same period.

FTM, the token that powers the high-performance Fantom blockchain, has been pumping in the last few days. FTM/USD recently came within a whisker of touching the $0.50 level, its highest since last May, before easing back to the $0.46s, where it trades higher by about 130% on the month.

Fantom (CRYPTO: FTM) surged 17% in the past 24 hours, following news from the Fantom Foundation that Axelar will provide interchain communication for the platform and its associated Web3 ecosystem.  What Happened:  FTM is outperforming apex crypto Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in top intraday gains.

A popular crypto trader says Ethereum (ETH) rival Fantom (FTM) could double in price while updating his outlooks on Bitcoin (BTC) and two altcoins. Pseudonymous trader Altcoin Sherpa tells his 189,900 Twitter followers that Fantom is finding bullish support at a key price level of around $0.44 and could soon shoot up by 100%.

Bitcoin is standing strong above $21,200, effectively withstanding all the bearish pressure over the past few days. The bulls seem to be currently accumulating strength for the next price action which may uplift the price close to $25,000.

After its previous cancellation by a part of the crypto community, Fantom [FTM] seems to be committed to proving how pertinent it is to the ecosystem. In the last quarter of the previous year, Fantom witnessed notable comebacks.

Popular layer 1 blockchain Fantom is set to focus on the expansion of its decentralized application ecosystem next year. Andre Cronje, top DeFi architect and co-founder of the Fantom Foundation, revealed the 223 roadmap via a letter to his team.

Key Points: In a recent Medium article published on December 26, decentralized finance architect Andre Cronje restated the Fantom ecosystem's aims and ambitions for 2023. Cronje, who previously developed protocols including Yearn.

Fantom founder Andre Cronje on Monday shared the goals and priorities for the next year 2023. Over the next 12 months, the primary goal will be to create a sustainable environment for DApp developers, while distinguishing itself from other layer-1 solutions.