Fantom Price Prediction 2024: FTM Price Analysis
What's next for Fantom?
Key Takeaways
- Fantom announced its blockchain is moving to Sonic.
- FTM dropped in April and early May but regained some strength recently.
- Our Fantom price prediction says it will drop to at least $0.45 next year.
Fantom made a recovery in late 2023 as a bouyant market helped it fight back from a low after it suffered from two major hacks in just a few months.
In July, it lost more than 10% in 24 hours following a sell-off of more than $130 million worth of assets on the Multichain cross-blockchain network prompted by a hack. Meanwhile, on October 17 hackers stole more than $550,000 worth of crypto.
In early 2024, Fantom announced that it was reducing the minimum staking requirements for validators from 500,000 FTM to 50,000 FTM. In March, the token reached its best price since April 2022.
The rally was down, at least in part, to the launch of the Sonic upgrade. This aims to handle 2,000 transactions per second, as well as reducing storage requirements.
Fantom CEO Michael Kong said : “We remain very excited, and with the backing and encouragement of the largest token holders, stakers, and projects on Fantom, we’re fully committed to this evolution.”
Moving To Sonic
The Fantom blockchain has recently announced the allocation of a crypto fund of 200 million FTM tokens, equivalent to a value of $120 million, to support the migration of its partners towards the new Sonic high throughput blockchain.
In turn, FTM will be replaced by the Sonic (S) crypto, although no firm dates have been announced. However, in September 2024, the Sonic testnet went live .
The move to Sonic could help DeFi’s resurgence on Fantom, which has seen a sharp reduction in decentralized activity from 2022 onwards.
Fantom did not respond to a request for comment
On Sept. 10 2024, FTM was worth about $0.4845.
But what is Fantom (FTM)? How does Fantom work? Let’s see what we can find out, and also take a look at some of the Fantom Price Predictions that were being made as of Sept. 10 2024.
Fantom Price Prediction
Let’s take a look at the FTM price predictions made on Sept. 10, 2024. Our price predictions will use the wave count method to arrive at our targets. 20% will be added and removed from them to determine our minimum and maximum price predictions.
| Minimum FTM Price Prediction | Average FTM Price Prediction | Maximum FTM Price Prediction | |
|---|---|---|---|
| 2024 | $1.18 | $1.49 | $1.80 |
| 2025 | $0.31 | $0.38 | $0.45 |
| 2030 | $1.17 | $1.48 | $1.79 |
The most likely wave count suggests that FTM is completing a complex, W-X-Y-X-Z corrective structure starting in November 2022. If so, it has just begun wave Z, the final one in this structure.
Based on the length and duration of the previous waves, the final wave can end at $1.85 in January 2025.
Then, we can project a correction similar to that following the decline since the all-time high.
During these projected upward and downward movements, the wave count method predicts targets of $1.49 and $0.38 for the end of 2024 and 2025, respectively.
Finally, we use the daily rate of increase for the past two years to come up with a Fantom price prediction for 2030.
Since Sept. 2022, FTM has increased by 80% for a daily rate of 11%. Projecting this increase until the end of 2030 leads to a target of $1.48.
Fantom Price Prediction for 2024
The wave count method gives a FTM price prediction range between $1.18 and $1.80 for the end of 2024.
Fantom Price Prediction for 2025
The wave count method gives a FTM price prediction range between $0.31 and $0.45 for the end of 2025.
Fantom Price Prediction for 2030
Using the daily rate of increase for the past two years we arrive at a FTM price prediction range between $1.17 and $1.79 for the end of 2030.
Fantom Price Analysis
The daily time frame gives mixed readings. The wave count is bearish because of a five-wave decline. So, the long-term trend is likely bearish, and upward movements are only corrective.
However, technical indicators and the price action are bullish. Firstly, FTM reclaimed the $0.40 horizontal area and created a higher low.
Secondly, the daily RSI and MACD are both increasing and are above 50 and 0, respectively.
If the upward movement continues, the closest resistance area will be between $0.74 and $0.85. The 0.5 to 0.618 Fibonacci retracement resistance area creates this resistance.
Short-Term FTM Price Prediction
The Fantom price prediction for the next 24 hours relies on a breakout from the short-term inverse head and shoulders pattern.
A breakout that travels the entire pattern’s height would take the FTM price to a resistance of between $0.74 and $0.85 by the end of the month.
Fantom Average True Range (ATR): FTM Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On Sept 10. 2024, Fantom’s ATR was 0.03, suggesting low volatility.
Fantom Market Cap to TVL Ratio
The Total Value Locked (TVL) to market cap ratio (TVL ratio) measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets. A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets. On Sept. 10 2024, the Fantom TVL ratio was 14.83, suggesting severe overvaluation.
Fantom Relative Strength Index (RSI): Is FTM Oversold or Overbought?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On Sept. 10 2024, the Fantom RSI was at 61, indicating bullish, but not yet overbought, conditions.
Fantom Price Performance Comparisons
Fantom Price History
Let’s take a look at some of the key dates in the Fantom price history . It is important to remember that past performance should never be taken as a guide to future results.
| Time period | Fantom price |
|---|---|
| Last week (Sept. 3 2024) | $0.437 |
| Last month (Aug. 10 2024) | $0.354 |
| Three months ago (June 10 2024) | $0.6983 |
| One year ago (Sept. 10 2024) | $0.2001 |
| Five years ago (Sept. 10 2019) | $0.01596 |
| Launch price (Oct. 31 2018) | $0.02158 |
| All-time high (October 26 2021) | $3.48 |
| All-time low (March 13 2020) | $0.001953 |
Fantom Market Cap
The market capitalization, or market cap, is the sum of the total number of BTC in circulation multiplied by its price. On July 2 2024, Fantom’s market cap was about $1.36 billion, making it the 51st-largest crypto by that metric.
Who Owns the Most Fantom (FTM)?
On Sept. 10 2024, one wallet held more than 1.4 billion FTM.
Richest Fantom Wallet Addresses
As of June 25, 2024, the five wallets with the most Fantom tokens were
- 0xfc00face00000000000000000000000000000000. This wallet, listed as Fantom: SFC as held 1,411,338,887 FTM.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 122,172,171 FTM.
- 0x21be370d5312f44cb42ce377bc9b8a0cef1a4c83. This wallet, listed as Fantom Finance: Wrapped Fantom Token, held 114,228,161 FTM.
- 0x4bf2c267dbc2077b747b68582965c85e15736104. This wallet held 89,555,254 FTM.
- 0xd6216fc19db775df9774a6e33526131da7d19a2c. This wallet held 47,978,746 FTM.
Fantom Supply and Distribution Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 3,175,000,000 |
| Circulating supply (as of Sept. 10 2024) | 2,803,634,836 (88% of total supply) |
From the Fantom Whitepaper
In its technical documentation, or whitepaper , Fantom says it is designed to be a faster, more efficient, form of blockchain. It aims to achieve this by using a form of Proof-of-Stake called Lachesis.
It says: “Built on our novel Lachesis protocol, Fantom’s Opera platform is a public, leaderless, asynchronous BFT blockchain, with guaranteed deterministic finality.”
What Is Fantom?
Fantom is designed to serve as a system where people can create their own decentralized applications (DApps).
The system claims to be faster, with a system that allows individual computers, or nodes, on the network to verify transactions rather than having them all clustered together.
Fantom is supported by its eponymous crypto, known by the ticker handle FTM.
How Fantom Works
Fantom uses a program called Lachesis, which helps its nodes operate. The code means that the overall size of the system is smaller, which, in turn, means it is, at least in theory, quicker.
The overall system uses a Proof-of-Stake (PoS) consensus mechanism, which means that people are selected to add blocks to the blockchain-based on how much FTM they hold.
In terms of the FTM coin, people who hold it are able to vote on changes to the network, and it is also used to pay people who operate nodes. FTM can also be bought, sold, and traded on exchanges.
It is worth pointing out that FTM comes in three forms. As well as the main FTM coin, there are two FTM tokens, one based on Ethereum (ETH) and the other on Binance (BNB). However, for clarity’s sake, we are talking about the Fantom coin.
Is Fantom a Good Investment?
It is hard to say. It is worth pointing out that Fantom has been around for quite a long time now, and has failed to make use of its, undoubtedly interesting, technology to become one of the bigger players.
On one hand, Fantom has some potential to grow, with a blockchain that offers more speed and flexibility for DApp developers. On the other hand, it has fallen victim to hacks recently.
A lot will also depend on how the migration to Sonic works out, as well as how long the process takes.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FTM.
Will Fantom go up or down?
No one can really tell right now. While the Fantom crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Fantom?
Before you decide whether or not to invest in Fantom, you will have to do your own research, not only on FTM, but on other, related, coins and tokens such as Cardano (ADA) or EOS. Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Technical analysis by Valdrin Tahiri.
FAQs
Will Fantom Reach $10?
According to price predictions based on technical analysis, FTM won’t reach double figures until the 2030s at the very earliest.
Keep in mind that Fantom’s best-ever price is $3.48, which it reached in late October 2021.
What is Fantom used for?
FTM rewards people who operate the computers, or nodes, that help run the Fantom blockchain. People can buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
