Fantom Coin (FTM) Price Update: Potential for Positive Reversal

Fantom Coin (FTM Coin) is a special kind of computer network that helps people build things like digital money and programs without needing permission from anyone. It’s like a new version of the internet that’s not controlled by a single company.

This network is really good for different uses like online finance, big businesses, and computer programmers who want to create special programs. It works a lot like Ethereum, another popular network.

They do this using something called Lachesis, which is a special way for the computers in the network to talk to each other and agree on things fast.

Fantom is a swift and open network enabling people to explore online activities freely, devoid of permission barriers. It excels particularly in facilitating transactions and crafting computer programs effortlessly.

What is the current price of Fantom Coin?

Right now, the price of Fantom (FTM) is $0.323316 in US dollars. The total value of all the Fantom coins in the world is $906.46 million. People have traded Fantom coins worth $56.60 million in the last 24 hours. The price has gone down by -1.92% during this time. There are 2.80 billion Fantom coins available to buy and sell. The prices you see are updated live, meaning they change in real time.

Analysis of technical aspects

Over the past week, the price of Fantom (FTM) has gone up again after hitting a support level between $0.2190 and $0.1416. There are also certain levels where a lot of buying and selling might happen, and it looks like things are generally positive for Fantom when you look at the bigger picture.

Average that Moves

On the four-hour chart, Fantom is showing a positive trend. This is seen in the line that tracks the average price over 50 days, which is going up. Also, the line that tracks the average price over 200 days is steadily going up, indicating a strong and lasting trend.

Surprisingly, even though these signs suggest a positive trend, the prediction for Fantom’s price in the next four hours leans towards a more negative outlook. This prediction is based on carefully looking at the current market situation and the possibility of a change in the current trend.

It’s important to remember that the value of cryptocurrencies can be influenced by many different things, so any predictions should be taken with caution. Traders and investors might benefit from expanding their analysis beyond technical aspects, incorporating factors like market sentiment. Considering fundamental factors alongside technical analysis can aid in making well-informed decisions within the cryptocurrency market.

Strength Index Comparison

Right now, when we look at something called the Relative Strength Index (RSI) for Fantom, it’s in a middle zone that suggests the price is neither going strongly up nor down – it’s kind of in a neutral state. This could mean that the price might stay in this neutral state for a while.

Also, if we look at the last 14 times the price changed, there’s no clear sign that it’s about to go strongly up or down. This lack of clear signals suggests that there’s no strong indication of the price changing from where it is right now.

Predicting Prices For Fantom Coin

If Fantom can successfully do what it plans to do, like giving rewards, having a strong network, and keeping the community happy, more people might start using it. This could attract new investors, and if everything goes well, the price might go up a lot, possibly reaching its highest point of $0.405 in a year.

If Fantom faces a lot of negative talk and false information but remains steadfast in its plans, the price might stabilize at around $0.165. However, considering all factors, the average anticipated price for the digital coin is estimated to be approximately $0.283.

The strength of Fantom’s value significantly relies on a robust and positive community. People’s perceptions and sentiments toward the platform can notably influence its overall worth.

Fantom’s Highest Price Ever (FTM)

About two years ago, on October 28, 2021, Fantom (FTM) was worth the most it has ever been, reaching $3.46. But now, the price has dropped a lot and is currently about -90.52% lower than that highest point.

Fantom’s Lowest Price Ever (FTM)

A bit more than three years ago, on March 13, 2020, Fantom (FTM) was worth the least it has ever been, hitting $0.00190227. But now, things have changed a lot, and the current price is high—about 17,140.43% higher than the lowest point.

Uses of Fantom Coin

Paying Network Fees

Fantom is like the money you use to pay for things when you’re using Fantom Opera’s mainnet. It helps transactions and interactions with smart contracts go smoothly and efficiently on the network.

Opportunities for Becoming a Validator

If you have Fantom tokens, you can use them to become a validator. Validators play an important role in making sure transactions on the Fantom network are secure and valid. This staking process is a key part of how Fantom’s proof-of-stake system works.

Incentives for Node Rewards

Fantom tokens work like prizes for nodes that quickly verify transactions on the Fantom network. This way, the system encourages nodes to perform well, making the network faster and more efficient.

Empowering Decentralized Governance

If you own Fantom tokens, you have the power to make decisions for the blockchain. This means you can vote on ideas that influence how the network grows. It helps create a system where everyone in the community has a say in how things work.

Fantom Foundation Faces $657,000 Hack: Security Concerns Arise

Someone took a lot of money, about $657,000, from the Fantom Foundation’s wallets without permission. This happened on both the Fantom and Ethereum networks. The wallet connected to Fantom lost $470,000, and on the Ethereum network, $187,000 was taken. Because of this, the price of Fantom went down by 4.8% and reached $0.1778.

This shows that cryptocurrency networks can be vulnerable to theft, and when something like this happens. It can quickly affect how much the digital coins are worth. People invested in or involved with Fantom will closely monitor subsequent events. They will seek information regarding the security measures implemented to prevent such incidents from recurring.

Also Read: 10 Tips To Achieve The Best Results In Crypto