Fantom (FTM), a cryptocurrency known for its high-speed smart contract platform, has been making headlines recently with its price movements and market predictions.
According to the latest data, Fantom is ranked 43rd by market cap at $2.9 billion, with a trading volume of $863 million in the last 24 hours.. The current value of Fantom is at $1.06, reflecting a 6.5% increase in the last 24 hours.
Recent developments
Recently, Fantom announced a significant reduction in minimum staking requirements for validators from 500,000 FTM to 50,000 FTM.. This change aimed to increase participation and engagement in the Fantom ecosystem.
Despite facing challenges such as asset sales and a hacking incident in 2023, Fantom managed to recover and close the year with a notable 130% increase in value.
Fantom: Increased social interest
The increase in Fantom’s social volume indicated that the price increase has caused the cryptocurrency market to start talking about it. As the token’s weighted sentiment increased, so did the bullish excitement around it.
Fantom’s network activity remained high as the token’s price gained positive momentum. According to NewsBTC’s examination of Artemis data, there were comparatively more daily active addresses on the blockchain last month.
Bull run speculation
Recent reports suggest that Fantom is gearing up for a potential bull run, fueled by the overall positive sentiment in the cryptocurrency market and growing demand for altcoins.
Fantom’s price trend indicates preparations for a bullish phase, aligning with broader market movements that have seen Bitcoin surpass the $70,000 mark.. The anticipation of a bull run is further supported by a 120% increase in the price of Fantom in the last monthsuggesting strong upward momentum.
Bitcoin price action. Chart: TradingView
Pricing Outlook
While the possibility of a bull run is on the horizon, the question of whether Fantom can reach $2 after a 20% price increase remains speculative. The current trajectory of Fantom’s price movement suggests growth potential, but reaching the $2 mark would require sustained positive market conditions and increased investor confidence.
Reaching such a milestone would mark a significant milestone for Fantom and could attract more attention to its platform and ecosystem.
However, an analytical forecast provided by Anton Kharitonov, an analyst at the Tradesmen’s Union, suggests a relatively optimistic outlook at the price of Fantom (FTM) until the end of 2024.
Source: Traders Union
Kharitonov predicts FTM to reach $1.3951. However, it is important to note that this forecast is not isolated, as it aligns with the expectations of other TU analysts, who project a range of US$1.2013 to US$1.5346 for the FTM price by the end of the year. same year.
This analysis indicates a consensus among TU analysts that the Fantom price will likely experience moderate growth throughout 2024. The range provided reflects the inherent uncertainty in predicting cryptocurrency prices, considering the volatile nature of the market and the multitude of factors that can influence price movements.
TradingView Chart Featured Image
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