Yesterday, the cryptocurrency market faced challenges as Bitcoin, a major player, fell below $65,000, impacting other cryptocurrencies like Fantom (FTM).
However, amidst the turmoil, Fantom stood strong above $0.8 and even surged by 18.87%, surpassing $1 again. Now, the question remains whether this recovery will endure amid ongoing market fluctuations.
Fantom: Current Status and Price Analysis
As of today, Fantom (FTM) is trading at $1.007224, with a significant 24-hour trading volume of $3.34 billion. Its market capitalization is estimated at $2.82 billion, commanding a market dominance of 0.12%. Notably, FTM has experienced a remarkable surge of 18.66% in the past 24 hours.
Looking at Fantom’s price history, it reached its all-time high of $3.47 on October 28, 2021, while its lowest point was recorded on March 13, 2020, plummeting to an all-time low of $0.001762. Since its peak, the lowest price observed, known as the cycle low, was $0.164761, while the highest price, the cycle high, reached $1.079680.
Currently, market sentiment regarding Fantom’s price prediction is bullish, with a Fear & Greed Index indicating 74, signifying greed among investors.
Regarding its supply metrics, the circulating supply of Fantom stands at 2.80 billion FTM out of a maximum supply of 3.18 billion FTM. The current yearly supply inflation rate is 0.92%, resulting in the creation of 25.44 million FTM over the past year.
Fantom (FTM): Surge in Price and Upcoming Fantom Sonic Upgrade
Fantom (FTM) is experiencing a surge in positive investor sentiment, driven by active participation on the platform. With whales steadily accumulating and a bullish outlook prevailing, prices are on the rise, sparking anticipation of FTM surpassing the $2 mark later this year.
Recently, Fantom witnessed a remarkable 33% jump, inching closer to the coveted $1.2 milestone. This surge was fueled by a substantial increase in daily trading volume, up by over 45%, largely attributed to heightened whale activity. Analysts foresee a potential massive rally for FTM, given its impressive performance since the beginning of March.
An intriguing aspect is that over 40% of Fantom investors are holding onto their positions, eagerly awaiting the anticipated surge in FTM’s value. This increased holding is expected to sustain Fantom’s upward trajectory and mitigate selling pressure in the market.
Furthermore, a recent reduction in the supply of FTM tokens this month has triggered a notable price surge, indicating growing interest from whales in the project. With an eye on a bullish rally aiming beyond $2, Fantom is poised for substantial growth, backed by robust support and the unwavering commitment of long-term investors.
Contributing to the price rise is the impending launch of Fantom Sonic. Fantom Sonic represents an upgraded version of the Fantom network, introducing enhancements without the need for a hard fork. Key components of this upgrade include:
1. New Fantom Virtual Machine (FVM): Enhances transaction speed and efficiency, ensuring swift and reliable operations.
2.Carmen: Introduces a new storage system that reduces space usage, leading to cost savings and faster network setup.
3.Improved Lachesis consensus mechanism: Enhances transaction agreement processes, ensuring smoother and more reliable operations.
Currently undergoing testing, Fantom Sonic is expected to replace Fantom Opera officially in spring 2024. Testing involves assessing system capabilities and providing opportunities for regular users and developers to experiment and build on the platform.
Fantom’s Impressive Growth and Market Analysis
Analyzing Fantom’s recent performance and prevailing market conditions reveals its remarkable growth trajectory over the past year. With an impressive 120% price increase in the last 12 months, Fantom has outpaced the majority of the top 100 cryptocurrencies, surpassing the performance of 61% of its peers.
A significant indicator of Fantom’s strength is its position above the 200-day simple moving average (SMA), indicating a sustained bullish trend in its price action. This suggests consistent investor interest and confidence in Fantom over an extended period, contributing to its upward trajectory.
Moreover, Fantom has demonstrated positive performance relative to its token sale price, signaling substantial returns for early investors. This reflects not only the project’s potential but also reinforces investor sentiment and trust in its long-term viability.
Additionally, Fantom has seen 17 green days out of the last 30, constituting approximately 57% of the observed period. This consistent positive momentum further strengthens Fantom’s resilience and potential for continued growth.
Another key strength lies in Fantom’s high liquidity, evident from its market capitalization. High liquidity implies significant trading volume and activity, making it easier for investors to buy and sell without significantly impacting its price.
Looking ahead, considering Fantom’s robust performance metrics, positive market sentiment, and growing adoption, continued upward movement in its price trajectory is anticipated. Therefore, Fantom’s trading range in 2024 could likely fall between $0.81 and $3. Should Fantom reach the higher end of this range, a surge of more than 250% to hit $3 is conceivable.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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