FTM Price Prediction: Will it reach $0.70 soon?
In 2023, Fantom Coin (FTM) jumped up by around +137%, but in the first month of this year, it took a bit of a dip, about -26%. Yet, investors aren’t too worried. Why? Well, some good signs on the tech and fundamental side are keeping spirits up. Fantom recently made it easier for validators by lowering staking requirements, making the network more accessible. Plus, there’s this Cup and Handle Pattern showing up in charts, hinting at positive times ahead. With all these good vibes, the FTM price prediction is suggesting it might hit around $0.70 pretty soon.
Table of Contents
Fantom Enhances Accessibility and Ecosystem Funding
Fantom has recently reduced the validator self-stake requirement from 500k to 50k FTM, enhancing accessibility for prospective validators.
This change aims to encourage wider participation in the Fantom network. Moreover, the alteration ensures that lost FTM resulting from early unlocking will be directed to the SFC treasury, contributing to ecosystem funding.
These adjustments signify a more inclusive and supportive environment for validators, fostering community engagement and reinforcing Fantom’s commitment to decentralized governance and sustainable development.
Now let us take a look at technical analysis.
FTM Price Prediction – Will it Reach $0.70 soon?
The daily chart analysis of FTM/USDT shows signs of a massive uptrend ahead. Currently, the prices have finished forming the Cup and Handle Pattern.
Also, the prices have also breached above the Handle, indicating a huge bullish movement ahead.
Furthermore, the position of Simple Moving Averages (SMAs) is also backing this bullish FTM Price Prediction.
The 50 SMA (green line) is positioned above the 100 SMA (red line) – a positive signal. Meanwhile, the Moving Average Convergence & Divergence (MACD) indicator is also suggesting signs of potential uptrend. The MACD histograms are above the zero line, backing the positive signals.
If prices keep on following the Cup and Handle Pattern, they might see 57% gains and more. The initial resistance lies at 0.4083, near the 50 SMA line.
From here, the prices will have the potential to reach the height of the Cup and Handle Pattern at 0.5474. Further price surge up to 0.70 level can also be seen if FTM keeps on following the pattern.
ATTradeSniper on Trading view suggests in their technical analysis that a falling wedge breakout has already occurred and that there is 30-35% upside from here.
That’s in line with our 0.54 price target for FTM in 2024 – with potential upside to 0.70 if the overall crypto market booms. (Hint: we think it will).
In the final bullish FTM crypto prediction we have another trader on TradingView, who thinks Fantom could eventually break over $1 with upside as high as $3.3.
This is far too bullish of a prediction in our opinion. However we do agree at taking gains if Fantom exceeds the $1.50 level.
On the flip side
The prices could also ditch the pattern and drop. FTM has already fallen below the 100 SMA line, indicating some selling pressure.
If this selling pressure increases, the prices could keep on declining and reach initial support at 0.3036. Any break and closing below this level would further drag the prices towards the next support at 0.2396. This represents a 31% loss from the current price level.
Disclaimer
This FTM price prediction is purely opinionated based on fundamentals and technical analysis. When making trades, consult a licensed financial advisor first.
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