Fantom (FTM) Price Analysis: Nearing A Bullish Turnaround
Fantom (FTM) is a highly scalable decentralized project and an independent blockchain network, positioned as an alternative to the Ethereum network. This permissionless and decentralized network offers developers a scalable solution for creating and launching decentralized applications (dApps) and cryptocurrency projects with smart contract capabilities.
The Fantom network caters to decentralized finance (DeFi) users, enterprise applications, and developers utilizing the Ethereum Virtual Machine (EVM). Fantom Opera, the network’s open-source and fully permissionless mainnet, employs an Asynchronous Byzantine Fault Tolerance (ABFT) consensus mechanism known as Lachesis.
This innovative approach allows nodes within the Fantom network to reach consensus independently, streamlining the confirmation and finalization of transactions in just a few seconds.
Current price of FTM
The current live price of Fantom (FTM / USD) stands at $0.323316, accompanied by a market cap of $906.46 million USD. The 24-hour trading volume totals $56.60 million USD. Fantom has experienced a -1.92% change in the last 24 hours, maintaining a circulating supply of 2.80 billion. Prices are updated in real-time for FTM to USD.
Technical analysis
On weekly timeframe level the price action of $FTM is bouncing back fro its Horizontal Support level marked between the $0.2190 – $0.1416 level
Marked out the Liquidities level which can squeeze out as overall the structure seems Bullish on macro timeframe level
Moving Average
On the four-hour time frame, Fantom is exhibiting a bullish trend, characterized by the upward slope of its 50-day moving average. Additionally, the 200-day moving average has been consistently ascending indicating a robust and sustained trend.
Surprisingly, despite the bullish signals from both the 50-day and 200-day moving averages, a price prediction for Fantom on the four-hour time frame leans towards a bearish outlook. This assessment involves a careful consideration of the current market dynamics and the potential for a shift in the prevailing trend.
It’s important to note that cryptocurrency markets are influenced by various factors, and any predictions should be approached with caution. Traders and investors may find it beneficial to complement technical analysis with additional indicators, market sentiment, and fundamental factors to make well-informed decisions.
Relative Strength Index
The current Relative Strength Index (RSI) positions Fantom within the neutral zone of 30-70, signaling a neutral price trend. This suggests a potential for the price to sustain this neutral state for an extended period. Furthermore, over the last 14 candles, there is an absence of both bearish and bullish divergence, indicating a lack of signals for an imminent price reversal from the current levels.
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Price prediction
In alignment with Fantom’s strategic vision, successful implementation of incentives, network advantages, and positive community engagement has the potential to expedite the adoption of the protocol, thereby attracting a wave of new investors. This positive momentum may drive the price to surge and reach its annual peak of $0.405.
Conversely, in the scenario where the digital asset encounters negative criticism and misinformation, adhering to its intended plan, the price may stabilize at a potential low of $0.165. However, considering a comprehensive evaluation of various factors, the projected average price of the digital coin stands at an estimated $0.283. This analysis underscores the significance of a supportive ecosystem and the impact of sentiment on the cryptocurrency’s valuation.
All-time high for Fantom (FTM)
Fantom (FTM) reached its peak value at $3.46 on October 28, 2021, approximately two years ago. Presently, the cryptocurrency’s price stands at a substantial -90.52% below its historical high.
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All-time low for Fantom (FTM)
Fantom (FTM) touched its minimum value at $0.00190227 on March 13, 2020, exceeding a span of three years. Presently, the cryptocurrency showcases an extraordinary surge, with the current price standing at an impressive 17,140.43% above its all-time low.
Applications of Fantom
Network Fee Payment
FTM serves as the currency for paying network fees during transactions and interactions with smart contracts on Fantom Opera’s mainnet. This utility ensures seamless and efficient use of the network.
Validator Staking Opportunities
Users can stake their FTM tokens to become validators, contributing to the security and validation of transactions on the Fantom network. Validator staking is a crucial mechanism in Fantom’s proof-of-stake system.
Node Rewards Incentives
FTM tokens act as rewards for nodes that demonstrate faster transaction verification within Fantom’s network architecture. This incentive structure encourages optimal network performance and efficiency.
Decentralized Governance Empowerment
FTM holders wield governance rights, allowing them to actively participate in blockchain decision-making. This includes voting on proposals that shape network development, fostering a decentralized and community-driven ecosystem.
News
The wallets of Fantom Foundation have been drained, resulting in the unauthorized withdrawal of $657,000.
The foundation wallets of the Fantom blockchain experienced a depletion on both the Fantom and Ethereum networks. The foundation wallet associated with FTM incurred a loss of $470,000, while on the Ethereum network, $187,000 was drained. As a consequence of this exploit, the FTM price saw a decline of 4.8%, reaching $0.1778. This incident highlights the vulnerability of cryptocurrency networks to security breaches and underscores the immediate impact such events can have on market values. Investors and stakeholders are likely closely monitoring developments and seeking information on the security measures being implemented to address and prevent similar incidents in the future.
