Can FTM Hit $2 After 20% Value Spike?

Fantom (FTM), a cryptocurrency recognized for its high-speed good contract platform, has been making headlines just lately with its value actions and market predictions.

As of the most recent information, Fantom is ranked #43 by market cap at $2.9 billion, with a buying and selling quantity of $863 million within the final 24 hours. The current value of Fantom stands at $1.06, reflecting a rise of 6.5% within the final 24 hours.

Latest Developments

Only in the near past, Fantom introduced a major discount within the minimal staking necessities for validators from 500,000 FTM to 50,000 FTM. This transfer aimed to reinforce participation and engagement throughout the Fantom ecosystem.

Regardless of going through challenges like a sell-off of belongings and a hacking incident in 2023, Fantom managed to get better and shut the yr with a notable 130% enhance in worth.

Fantom: Social Curiosity Up

The rise in Fantom’s social quantity indicated that the value surge had precipitated the cryptocurrency market to start out speaking about it. Because the token’s weighted sentiment surged, so did bullish emotion surrounding it.

Fantom’s community exercise remained excessive because the token’s value gained constructive momentum. In line with NewsBTC’s examination of Artemis information, there have been comparatively extra day by day lively addresses on the blockchain final month.

Bull Run Hypothesis

Latest stories counsel that Fantom is gearing up for a possible bull run, fueled by the general constructive sentiment within the cryptocurrency market and the growing demand for altcoins.

The worth development of Fantom signifies preparations for a bullish part, aligning with the broader market actions which have seen Bitcoin surpassing the $70,000 mark. The anticipation of a bull run is additional supported by a 120% rally in Fantom’s price in the last month, hinting at a robust upward momentum.

Bitcoin value motion. Chart: TradingView

Value Outlook

Whereas the potential for a bull run is on the horizon, the query of whether or not Fantom can hit $2 after a 20% value surge stays speculative. The present trajectory of Fantom’s value motion suggests a possible for development, however reaching the $2 mark would require sustained constructive market situations and elevated investor confidence.

Reaching such a milestone would signify a major milestone for Fantom and will appeal to additional consideration to its platform and ecosystem.

In the meantime, an analytical forecast supplied by Anton Kharitonov, a Merchants Union analyst, suggests a relatively optimistic outlook for the value of Fantom (FTM) by the top of 2024.

Supply: Traders Union

Kharitonov anticipates FTM reaching $1.3951. Nonetheless, it’s essential to notice that this forecast isn’t remoted, because it aligns with the expectations of different TU analysts, who challenge a spread of $1.2556 to $1.5346 for FTM’s value by the top of the identical yr.

This evaluation signifies a consensus amongst TU analysts that Fantom’s value will possible expertise reasonable development all through 2024. The vary supplied displays the inherent uncertainty in predicting cryptocurrency costs, contemplating the unstable nature of the market and the multitude of things that may affect value actions.

Featured picture from , chart from TradingView

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