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Fantom (FTM) is gaining attention as its price recently jumped above $0.40, even with the market experiencing a downturn. This shows that Fantom is holding strong and could have more room to grow, making it an interesting option for those watching the crypto market. So, how high can the Fantom (FTM) price go? Let's take a look at this Fantom price prediction article in more detail.
How has the Fantom (FTM) Price Moved Recently?
Fantom (FTM) is currently priced at $0.458095, with a 24-hour trading volume of $751.03 million and a market cap of $1.28 billion, giving it a market dominance of 0.06%. Over the past 24 hours, the FTM price has surged by 16.41%.
Fantom hit its all-time high of $3.47 on October 28, 2021, and saw its lowest price of $0.001762 on March 13, 2020. Since then, the lowest point after its peak was $0.164761 (cycle low), while the highest price post-cycle low was $1.21957 (cycle high). The current sentiment around Fantom's price prediction is neutral, with the Fear & Greed Index indicating a score of 39 (Fear).
The circulating supply of Fantom is 2.80 billion FTM, out of a maximum supply of 3.18 billion FTM. The annual supply inflation rate stands at 0.05%, meaning 1.32 million FTM were minted in the past year.
Why is Fantom Price Up?
The recent uptick in Fantom's price is driven by several factors that signal growing investor confidence and market engagement. In early August, Fantom's value dropped sharply during a broader market downturn, leading to a decline in open interest contracts to $47 million.
However, the situation has since improved, with open interest contracts jumping by 50% within a week, climbing to $75 million. This surge indicates that investors are regaining trust in Fantom, as the increase in open positions suggests rising liquidity and renewed interest in the cryptocurrency.
Moreover, Fantom's transaction volume has seen a significant boost, skyrocketing from $50 million to $200 million in the same week. This sharp rise in volume highlights the growing demand for Fantom, as more traders and investors are actively participating in the market.
Notably, crypto analyst Altcoin Sherpa has pointed out the strength of Fantom's recent price movements, noting that despite recent challenges, the project remains fundamentally strong. Additionally, the upcoming $S migration is anticipated to be a key driver for further growth, hinting that Fantom's price could continue to rise as the project progresses and draws more attention from the crypto community.
Fantom Price Prediction: How High Can the Fantom (FTM) Price Go?
Fantom (FTM) has shown remarkable resilience and potential for growth, evidenced by a 127% increase in its price over the past year. This performance places Fantom ahead of 69% of the top 100 crypto assets, demonstrating its strong market position.
Currently trading above the 200-day simple moving average, Fantom is in a bullish phase, indicating continued upward momentum. The coin's performance is also favorable when compared to its initial token sale price, which further underscores its value appreciation over time.
Despite being down 87% from its all-time high, Fantom's high liquidity, driven by its significant market cap and low yearly inflation rate of 0.05%, positions it well for future growth.
However, the fact that it has only had 14 green days in the last 30 (47%) suggests some volatility, though this is not uncommon in the crypto market.
While Fantom has been outperformed by Bitcoin, its positive price action, strong market performance, and upcoming developments like the $S migration suggest that there is still room for significant price appreciation.
If Fantom continues to build on its current momentum, leveraging its high liquidity and investor confidence, it could potentially aim to reclaim higher price levels, possibly reaching new peaks in the coming months. However, achieving its previous all-time high of $3.47 may take time, requiring sustained bullish sentiment and broader market support.