Fantom Price Prediction – May 2022 was the Bottom?

Fantom Price Prediction – May 2022 was the Bottom?

Fantom has retraced 93% from $3.48 in October 2021 to $0.23 in May 2022 – is the FTM backside in but? Will Fantom go up in 2022?

What is Fantom?

Part of the Fantom drop was unrelated to the Fantom crypto venture itself, which is a promising good contracts platform with the goal to enhance scalability points and transaction prices that have an effect on present blockchain know-how, and supply a greater blockchain platform ‘for DeFi, crypto dApps, and enterprise functions’ in response to the Fantom Foundation web site.

The FTM crypto asset is its native token, with a circulating provide now of two.55 billion FTM cash.

Cryptoassets are a extremely unstable unregulated funding product. No UK or EU investor safety.

Why is Fantom Going Down?

Many crypto initiatives bought off when Bitcoin started its six month correction from $69,000 – hit in November 2021 shortly after the present Fantom all time excessive – to the $26,000 stage in May 2022.

That month additionally marked the Terra (LUNA) crash which affected different DeFi initiatives and the complete crypto markets – which exhibits some indicators of being over as LUNA is pumping off the lows.

FTM Price Prediction

One greenback was a key help stage for the FTM token, that beforehand resulted in a big bounce to the upside for Fantom the final time it was retested. That was additionally round the 100% Fibonacci stage of the present bearish worth leg – $1.04, which the weekly candle depraved under then closed above.

Fantom Bottom is In?

It’s attainable the backside is in at $0.23 – $0.24 for Fantom, as Bitcoin put in a powerful bounce in May from the $26,000 space (nearer to $25,000 on some perpetual futures pairs) to reclaim the $30,000 stage.

The 1.382 Fib stage can be simply above $0.15 which might additionally sweep the lows set in mid 2021 if a retest of that stage does occur in 2022. A powerful bounce can be anticipated from that space.

At some level the 1.272 Fib ought to be retested once more from under, at $0.41. If the Fantom worth can reclaim that stage and the psychological worth level of $0.50 a buying and selling arrange may very well be to purchase and maintain for the long run as a retest of $1 would even be doubtless for such a preferred altcoin venture with a big following in comparison with different DeFi cash.

The Fantom worth prediction video above plots some Fibonacci extension ranges to the upside, together with worth targets round the $4 – $5 space for 2023 or 2024.

Fantom Bounce

After the May crypto crash a number of metaverse cash bounced the hardest, by double digit percentages – making sense as the metaverse and NFT ecosystem is in some methods thought of separate to Bitcoin and the DeFi ecosystem, so the LUNA crash ought to have much less affect on them.

One of the DeFi protocols that did additionally put in a powerful bounce nonetheless was Fantom, trending on the eToro platform the place it’s listed alongside the above cash.

Fantom bottom

After the crypto dip (May thirteenth) – through

That may recommend the macro backside for Fantom has been printed and there’s extra upside potential from right here than room to the draw back. The FTM worth did hit the $0.41 space after May thirteenth’s bounce, the place it was rejected on the first try, exhibiting the necessary of that 1.272 Fibonacci.

However the worth of Fantom then discovered help at $0.30 and is holding steady.

The Fantom market cap at present continues to be underneath $1 billion – at present $850 million, ranked #60 on Coinmarketcap – and FTM is oversold. A market cap of $1 billion and better is customary in a bull market so if any optimistic information sentiment returns to crypto, that would enhance not less than 15-20% in the coming weeks and months.

Will Fantom Go Up in 2022?

Bull and bear cycles are customary in cryptocurrency and even when the crypto market trades sideways and has a reaccumulation cycle after the May dump, the subsequent Bitcoin halving is in 2024. The earlier halving led to a bull run in the months following so Fantom by 2025 may very well be again close to or above its prime if BTC does break above $100,000 which some institutional buyers predict.

Another bullish case for Fantom is that 80% of the FTM whole provide is already unlocked and in circulation, in contrast to many altcoins. Token unlocks normally result in a coin worth deflating – provide and demand. A scarcity of provide may end up in a provide shock and a bullish rally, beginning a brand new uptrend.

Outside of crypto, the DXY (the US Dollar Index) has been going up, inflicting the relative worth of crypto cash to go down, and if that pulls again investor confidence in crypto and equities may return.

Bitcoin has been correlated to the inventory markets (hitting a 17 month excessive for that correlation in Q1 2022) and the S&P 500 dropped under 4000 in May, earlier than placing in a powerful bounce to reclaim it on May 14th. The ‘promote in May and go away’ impact may very well be adopted by a aid rally in June and July.

Crypto Price Predictions

Cryptoassets are a extremely unstable unregulated funding product. No UK or EU investor safety.

Recommended For You

About the Author: Daniel