{"id":4370,"date":"2022-05-23T13:40:21","date_gmt":"2022-05-23T13:40:21","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4370"},"modified":"2022-05-23T13:40:22","modified_gmt":"2022-05-23T13:40:22","slug":"fantom-rebounds-45-on-andre-cronje-comeback-speculation","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4370","title":{"rendered":"Fantom Rebounds 45% on Andre Cronje Comeback Speculation"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>Fantom has risen by more than 45% over the past three days.\u00a0<br \/>\nThe rally follows a proposal from Andre Cronje on a possible solution to help fUSD return to its intended $1 peg.<br \/>\nStill, FTM has reached a significant area of resistance that could limit its upward potential. <\/p>\n<p>Share this article<\/p>\n<p>Fantom\u2019s FTM token has rallied since Andre Cronje issued a proposal to recover fUSD\u2019s peg.<\/p>\n<h2>Andre Cronje Submits fUSD Proposal<\/h2>\n<p>Fantom is gaining significant bullish momentum as speculation mounts about Andre Cronje\u2019s possible return to DeFi.<\/p>\n<p>Cronje has caused a stir in the Fantom community over the past few days after he\u00a0submitted a\u00a0fUSD optimization proposal that aims to solve the stablecoin\u2019s severe de-pegging issue. Cronje, who became known for creating the yield optimization tool Yearn Finance and a host of other DeFi protocols, announced he would be leaving crypto to return to the traditional finance sector in March, days after launching his long-awaited Solidly project on Fantom.<\/p>\n<p>Moreover, a Fantom address widely believed to belong to Cronje has added over 100 million FTM in the past two weeks, which has added to the speculation surrounding his possible return to the Fantom ecosystem.<\/p>\n<p>The fUSD proposal comes during a turbulent period for the stablecoin market. Earlier this month, Terra suffered a dramatic collapse after its UST stablecoin lost its peg to the dollar. However, the Fantom Foundation recently put out a Twitter update stating that \u201cfUSD is not UST,\u201d adding that fUST is \u201cover-collateralized\u201d and backed by staked FTM. \u201cUsers create fUSD by borrowing against their staked FTM. If the value of the FTM goes below the minimum collateral ratio, then the FTM is progressively auctioned off to users who bid using fUSD (to keep peg),\u201d the post read.<\/p>\n<p>Still, it remains to be seen whether Cronje\u2019s proposal can help fUSD regain its $1 peg.<\/p>\n<h2>FTM Meets Resistance<\/h2>\n<p>FTM rallied by more than 45% over the weekend, indicating that market participants have confidence that fUSD can be saved.\u00a0The sudden upswing derived from a symmetrical triangle breakout that developed on the four-hour chart.<\/p>\n<p><em>Source: TradingView<\/em><\/p>\n<p>Despite the significant gains, Fantom appears to have reached resistance.<\/p>\n<p>Transaction history shows that 207 addresses have previously purchased nearly 85 million FTM between $0.49 and $0.51. This significant supply barrier could prevent prices from advancing further as addresses look to break even on their underwater positions.<\/p>\n<p><em>Source: IntoTheBlock<\/em><\/p>\n<p>A sustained four-hour close above $0.51 could help Fantom gain further momentum to advance to $0.56. Failing to overcome the $0.51 could encourage traders to sell their holdings, potentially pushing FTM back to the $0.43 support level.<\/p>\n<p><em>Disclosure: At the time of writing, the author of this piece owned BTC and ETH.\u00a0<\/em><\/p>\n<p style=\"margin-top: 1.6rem;\">For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.<\/p>\n<\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/fantom-rebounds-45-on-andre-cronje-comeback-speculation\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Fantom has risen by more than 45% over the past three days.\u00a0 The rally follows a proposal from Andre Cronje on a possible solution to help fUSD return to its intended $1 peg. Still, FTM has reached a significant area of resistance that could limit its upward potential. Share this article Fantom\u2019s FTM [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-4370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4370"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4370\/revisions"}],"predecessor-version":[{"id":4372,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4370\/revisions\/4372"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4371"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}