The price of Fantom (FTM) risks pulling back in February due to a growing divergence between its price and momentum in recent weeks.
FTM price rallies 230% after Cronje’s 2023 roadmap
FTM’s price has grown by 230% in the past five 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 developer released a letter discussing 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 Twitter thread that gives 13 reasons why Fantom will be one of the best layer-1 blockchains in 2023.
Fantom price technicals hint at correction ahead
Nevertheless, FTM’s ongoing rally risks exhaustion due to a growing bearish divergence between its rising price and falling momentum.
On the daily chart, FTM/USD has formed higher highs since mid-January, while its relative…
