On 10 March 2022, news emerged that Fantom’s (FTM) key developer, Andre Cronje, has announced his departure from the project as of the end of March 2022. This update caused the price of FTM to drop by over 20% over 24 hours.
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• How To Stake Fantom?
Price is currently around $1.35, which has been a solid support level in the past. This area of support ranges from $1.30 – to $1.40. If we break the $1.30 with an open and close on a daily, the next support is at $1.15 and then $1.00. For traders still holding FTM, we suggest you don’t exit your positions as long as the current support level holds.
Fantom previous developments
According to the official announcement shared by Fantasm Finance DeFi protocol, its mechanism was drained of $2,600,000 on 9 March 2022. Per the post-mortem, the exploiters utilized BNB Chain, Fantom, and Ethereum. The exploit was triggered by a previously unknown error in Fantasm’s pool contract.
The contracts’ devs missed the condition to check for the minimum amount of FTM injections required to mint XFTM, a synthetic asset of Fantasm. This flaw allowed the attacker to mint XFTM tokens with only FSM and exchange XFTM for FTM. The repayment campaign starts on 11 March 2022
They swapped FTM tokens to Ethers and moved the ETH from the protocol via Celer Bridge. The total amount lost amounted to approximately $2,622,097. On 10 March, the attackers started to wash their loot through the Tornado Cash mixer.
The Fantom community has submitted a new governance proposal to lower the self-staked amount required to run a validator node. When writing, the community needs to reach at least 5% of the total ADM supply to run a validator node on the network. If all stakeholders accept this new proposal, that percentage will reduce to about 20%.
With the tides constantly shifting between bearish and bullish conditions, it is almost impossible for any of the top contenders to maintain their ranks. Yet, some things happen that overturn the market. One example is when the Fantom project announced its integration with 123swap‘s uniquely designed framework: non-custodial, cross-chain, and decentralized.
Seamless integration with other legacy back-end systems
When applied to crypto ecosystems, Blockchain technology offers opportunities and benefits to businesses through greater transparency, increased security, and easier traceability. Capitalizing on its full potential depends on seamless integrations with other legacy back-end systems to facilitate better outcomes.
Here’s how the blockchain process applies to almost every industry, and how it motivates interest and investment in blockchain technology integration over the past few years.
This event can help FTM gain mainstream acceptance among crypto stakeholders and inspire upward price movement. However, with Cronje gone at the end of March 2022, what is the outlook for FTM’s price?
What is Fantom (FTM) token?
Fantom (FTM) is one of the best performing tokens in the market. It is the governance token of a directed acyclic graph (DAG) smart contract platform, popular for eradicating the issues related to smart contract contracts.
The platform provides higher transaction speed, with a more reliable infrastructure backing up the platform. Fantom launched in 2018, but the mainnet OPERA of the platform came out in December 2018. The platform’s creator is Dr. Ahn Byung Ik, but Michael Kong is its current CEO.
The Fantom team provides increased scalability, decentralization, and security and specializes in full-stack blockchain development. Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps using a new scratch-built consensus mechanism.
A unique feature of Fantom is the Lachesis mechanism, which is responsible for 2-second transaction finalization and also brings several improvements to the existing proof-of-stake consensus.
The native token of the Fantom blockchain (FTM) aims to “grant compatibility between all transaction bodies around the world.”
Fantom Overview
| Coin | Symbol | Price | Marketcap | Change | Last 24h | Supply | Volume (24h) |
|---|---|---|---|---|---|---|---|
 Fantom FTM | FTM | $ 0.345203 | $ 876.74 M | 1.32% | 2.54 B | $ 376.89 M |
Fantom price historical performance
Looking at the price increase of FTM in recent weeks, the token looks like a good investment. FTM price was bearish during the initial phase, with the token starting at $0.02 and dropping as low as $0.003 in the subsequent weeks. Even though some investors early lost money, prices soon turned bullish.
In May 2019, prices plunged to depths of $0.02 once again. After consolidating in this zone for a while, prices dropped further towards $0.003 and continued to dip. The token maintained its bearish prices until the onset of the 2020 bull run. The bull run extended the price action even more.
The prices once again knocked $0.02, and from thereon, it remained bullish. In 2021, the prices turned even more bullish as the Fantom price began its journey towards $1, maintaining its upward trajectory to the current price range of $1.98 and $2.2 in February 2022.
The bulls took prices even higher in 2021. The FTM token hit all-time high levels of $0.916 in May 2021. At the time, its market cap was $476 million. In July, prices dipped as low as $0.12. A bullish outburst followed this bearish momentum as FTM broke resistance levels, finally reaching another all-time high of $1.66.
In September, the token dropped again to $0.98 before rallying for another all-time high at $2.33. Prices turned bearish again, dropping to $2.02 in October, before finally reaching its latest all-time high at $3.48.
The FTM market cap currently sits at $3.019 billion and continues to increase. The trading volume is 1,127,951,248 USD, while the prices are down by 1.36%. The current price of the token is around $1.25.
Source: Coin Market Cap
Fantom Price Analysis
On the other hand, the technical analysis of the daily chart shows that the current price broke down from the lower end of the Bollinger Bands, causing a drop in the token prices. Moreover, the uptrend was broken due to this breakout.
The current price action continues to progress below the 50-day Moving Average. However, the price action still sits above the 100-day Moving Average. This movement might indicate a slightly bearish trend in the bigger picture of the price action.
Furthermore, the prices continue in the lower end of the bands, indicating that the token is correcting the gains of the past few days.
Fantom price prediction trend analysis can be done using trend lines and taking specific horizontal price levels or zones into account that reverse roles between support and resistance. These price levels are the major zones where the market seems to respond by substantial advance or decline. Fibonacci levels measure or predict the retracements before the continuation of a trend. Some traders rely on price action and look at specific candle formations. Here’s one 24 analysis by Cryptopolitan.
Long Idea for FTM on the lower time frame indicates golden Fibonacci retracement and break of descending channel.
A higher timeframe indicates FTM has reached previous ATH support and golden Fibonacci, leading FTM to break a new high.
Target short-term = $2.7
Target long-term = $4.5 (1.618 fib extension)
Fantom Price Predictions 2022-2028
This section will explore the Fantom price forecast by reputable websites and analysts. The cryptocurrency market is known for its volatility, and Fantom Foundation’s native token, FTM, is also subject to the same conditions.
Wallet Investor
FTM prices will turn bullish in the short term, breaking several resistance levels. As per their data, the prices will reach as high as $4.041 in a year. On the other hand, the 5-year analysis for FTM/USDT predicts the future price of $12.2. By December 2022, the maximum price is $2.451, with a minimum of $2.131 and an average of $1.823.
The smart contracts platform’s widespread adoption hints at a bullish trajectory for cryptocurrencies in the short term, which is a good outcome from Fantom’s current price. The website’s Fantom price prediction for 2022 December shows an average price of $4.175, a minimum price of $3.753, followed by a maximum of $4.583.
For December 2023, the coin price prognosis reveals an average price of $6.216, a minimum price of $5.408, followed by a maximum price of $7.005.
FTM will have an average price of $10.302, a minimum price of $8.367, followed by a maximum price level of $12.305.
DigitalCoinPrice
FTM’s price prediction 2022 depicts a bullish outburst like any other coin in the DeFi industry. The expected value for 2022 is $3.6, followed by a high of $4.27 for 2023. As multiple decentralized applications find their place on the FTM chain, investments in FTM bags will be a popular investment decision among traders. This indicates an optimistic outcome for Fantom’s price prediction.
The token will end 2024 at $5.4, followed by 6.44 USD for 2025. The price of Fantom will continue to follow a bullish trajectory, ending the year 2028 at 9.44 USD.
TradingBeasts
Fantom will continue to grow in the short and long term. In the long term, the maximum value of the FTM token by 2023 December will be 3.30281 USD and a minimum of 2.24591 USD. On the other hand, the maximum price for December 2024 is 3.94817 USD with a minimum of $2.68476. The average price sits at 3.15854 USD.
Fantom Price Predictions by Industry Influencers
As psychologically challenging as it can be, history has shown that the best time to buy is when fear is extreme. However, aping into the Fantom ecosystem with a single buy order is probably not the best option, especially not with 100x leverage. Miles shows you exactly what he is doing and gives you the ultimate “buy-the-dip” strategy. Fortunes favor the brave, but only the wise will survive!
Here is Miles Deutscher’s FTM recovery strategy:
Conclusion
So many mishaps in one month, but was there any better alternative? Will FTM price crash any day? Should you buy the dip as Miles suggested? We’ll have to wait and see how the market shifts in the coming days.
FAQs about Fantom
What will Fantom be worth in five years?
According to DigitalCoinPrice, the token price will be worth $7.62. On the other hand, the token will breach $9 by 2028.
Will Fantom hit 20 USD in a year?
As per our current analysis, to reach 20 USD, Fantom needs to grow by more than 10x. It is not impossible but improbable to expect such high prices in a single year from any cryptocurrency.
