Fantom (FTM) has soared above the recent crypto market storm, emerging as one of the top-performing cryptocurrencies over the past week. While Ethereum and Bitcoin values plunged alongside other altcoins, FTM’s value increased by 15% resulting in a 10% boost in its Market Cap within the past 24 hours. With investors and enthusiasts showing interest in the token, the key question is what the potential highest Fantom price could be in 2024.

Fantom Price Market Performance

According to CoinMarketCap data, Fantom is currently priced at $0.9421 and holds the 45th spot in the crypto market. Fantom has a circulating supply of 2.8 billion FTM and a market capitalization of $2.6 billion.

Over the last day, the cryptocurrency has grown by 9% in its present price.

FTM has experienced a positive upward trend for the past week, resulting in a 15% increase. Recently, Fantom has displayed a high level of potential, presenting a favorable chance to explore and potentially invest.

The token has shown remarkable performance in the last month and year so far, with a rise in value of 121.25% and 91.64% respectively. This abrupt increase indicates that the coin could potentially become a stable asset if it keeps expanding.

Why is Fantom Pricing Rising?

The primary reason for FTM price pumping is that Andre Cronje, co-founder of Fantom Blockchain, reemerged on social media, promoting the project and highlighting its achievements. He announced Fantom’s throughput of 10,000 TPS, surpassing other modular blockchains like Sei and Sui. Comparing Fantom’s FVM with EVMs, Cronje noted its upper limit of 30,000 TPS, far exceeding traditional EVM capabilities. He dismissed the hype around parallelized EVMs, emphasizing other technological advancements at Fantom. Cronje’s presence and insights have brought attention to Fantom’s potential in the blockchain ecosystem.

10k tps achieved. Publicly verifiable. Can test for yourself, on public infrastructure. No need for “trust me bro”. Available today, no need to wait. And we havent even started with the parallel execution meme. https://t.co/q2QRKM9WXe

— Andre Cronje (@AndreCronjeTech) March 15, 2024

Fantom Price Forecast

Let’s find out how high the price of FTM can go given technical indicators. 

A Fear and Greed Index at 44 for Fantom shows a neutral sentiment in the market, not too optimistic or pessimistic, advising traders and investors to proceed with caution.

The RSI 14, a frequently utilized indicator, assists investors in determining if an asset is currently either overbought or oversold. The 14-day Relative Strength Index for Fantom is 65.2195, indicating that FTM is presently in a neutral position. RSI shows that FTM is not in an overbought or oversold condition. Nevertheless, it indicates a somewhat positive outlook.

The SMA 50 considers Fantom’s closing price from the previous 50 days for calculation. On the other hand, the SMA 200 is a long-term trendline that is determined by averaging the FTM closing price over the past 200 days. The positive momentum in the medium to long term is suggested by the buy signals coming from both Fantom’s MA50 and MA200.

A MACD histogram above the signal line at 0.1171 signifies a bullish trend.

In a bullish scenario, if the price surpasses the nearby resistance level of $1.20, it could keep moving upwards. In this situation, the price may target psychological resistance points such as $1.50 or $2.00.

On the other hand, a decrease in price below $0.9474 support could suggest a bearish trend. In this situation, the price may aim for the upcoming support levels, possibly challenging the 200-day moving average at $0.4306.

About Fantom

Fantom was built as a substitute to Ethereum and is an open-source decentralized platform for DApps and digital assets. It aims to surpass the constraints of older blockchains and maintain a balance between scalability, security, and decentralization. The project provides a variety of tools to streamline the integration of current DApps, along with a comprehensive staking reward system and embedded DeFi tools. 

Fantom, along with its proprietary token FTM, is focused on addressing issues related to smart-contract platforms, specifically improving transaction speed to less than two seconds as per developers.

The post Fantom Price: How High Can FTM Price Reach in 2024? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am