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 has been pumping in tandem with a broader move higher in cryptocurrency markets this month, with the likes of Bitcoin and Ethereum both also having gained in the region of 40% since the start of the year. Analysts say that this month’s upside in crypto prices is being driven by a combination of easing financial conditions as US inflation and growth slows, leading to more dovish expectations for Fed tightening in the coming quarters, as well as growing signs (both technical and on-chain) that the bear market in crypto might now be over.
But its not just macro/broader crypto headwinds lifting the cryptocurrency. Fantom investors have plenty to be optimistic about regarding the health of the ecosystem. According to Fantom-focused Twitter account @Fantom_Insider, Fantom has seen its Decentralized Finance (DeFi) trade value locked (TVL) rise by 16%, total unique active addresses rise 1.04 million and over 2.8 million in transactions in the last seven days.
That’s an impressive growth rate. And alongside the surge in prices, it is no wonder that Fantom has been dominating on social media. According to social intelligence data platform LunarCrush, Fantom is now at the top of its AltCoin rank.
Adding to Fantom excitement in the last few days has been the appearance of key executives at the Quantum Miami crypto conference, including Co-founder and chief architect Andre Cronje.
Where Next for Fantom (FTM)?
Fantom’s gains this month really got going on Thursday the 12th, when the cryptocurrency surged to the north of a long-term downwards trend line and its 200-Day Moving Average. It has since overcome a series of key resistance levels, including at $0.3150 and $0.42. If it can make it past the mid-May 2022 highs in the $0.52 area, the door is open for a melt-up towards the next major balance area around $1.0. That would mark a more than 100% rally from current levels.
Crypto Experts Give Their Fantom Price Predictions
According to popular cryptocurrency trader Altcoin Sherpa (@AltcoinSherpa), a weekly close above recently broken support at current levels means that Fantom “has a chance of doubling”. Sherpa caveats that it is “still to be determined if that is going to happen”, but adds that the “1D (candle stick) is already looking strong”.
Elsewhere, a Twitter user going by the handle @champyon04 noted that if Fantom was only to catch up with the market capitalization of Solana, that would mean a jump to $3.59 in its price or an increase of 7.81x or 681%. The twitter account noted that Fantom has runway funds for 30 years (i.e. their treasury can support current expenses for 30 years).
Is It Too Late to Buy Fantom?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If you deem SOL as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
If you’re looking for other high-potential crypto projects alongside FTM, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.