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Fantom Price Prediction: Will Fantom Reach $0.3?

12/06/2022
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The global crypto market has been flashing green of late, remaining well-bid at around the $870.30 billion mark. The two largest cryptocurrencies by market value, Bitcoin (BTC) and Ethereum (ETH) breached the $17,000 and $1,300 levels respectively on December 5, with other popular coins seeing price increases, including Fantom (FTM).

Several positive news stories, from the further easing of China’s COVID regulations to the Fed’s dovish approach, and revelations by project founders about strong project fundamentals, have contributed to the upward trend, positively affecting the crypto market.

Fantom (FTM) coin has been performing very well, rising by almost 25% over the past 30 days as supported by the upbeat crypto market and thereafter supported by the Fed’s dovish stance. The recent price boost, however, followed a report by Fantom’s technical advisor, Andre Cronje, demonstrating the platform’s strong financial standing.

The revelations by the founder of the Fantom Foundation Andre Cronje, who is also a DeFi veteran, about its financial records, showed that the company has been receiving steady gains. On November 28, Fantom Foundation architect, Andre Cronje, said that the crypto organization owned up to $340 million in digital assets and had produced over $10 million in yearly income, excluding capital gains. 

Accordingly, the organization has 30 years of financial security without the need to dispose of any of its FTM tokens. A December 3 tweet by Forrest read, “Fantom currently has >30 years of the runway without having to sell any of their $FTM.”

As of November 2022, the project had more than $100 million in stablecoins, another $100 million in other crypto assets, and $50 million in non-crypto assets, with most of that cash coming from various DeFi strategies across Ethereum and Fantom, according to Cronje.

Cronje also noted that Fantom only hires the necessary number of staff members while keeping operating costs minimum. Resultantly, they do not pay exchange listing fees or influencer marketing costs.

Following the announcement, the project’s FTM coin increased by an impressive 25% as investors drew inspiration from the company’s strong financial reserves. Citing a popular Twitter user, “Barring extreme mismanagement (which is entirely possible), Fantom isn’t going away any time soon. Unlike most projects that have to cut back in bear markets, Fantom has the luxury of scaling up.” This is a competitive advantage.

Fantom Proposes Reducing the Token Burn Rate By 75%

Fantom, a directed acyclic graph smart contract platform that offers DeFi services to developers, has taken a crucial step in its growth commitment, rewarding on-platform development in an attempt to promote network growth and acceptance.

According to reports, the organization’s new governance plan has proposed to implement the dApp Gas Monetization Program, which is intended to achieve a 75% reduction in the current burn rate of Fantom  (FTM) tokens. Notably, the savings in network costs will go to network-based dApp developers. If the proposal is accepted, it will have reduced Fantom’s burn rate from the current 20% to 5%, with the 15% difference in gas fees going to the developers.

It is worth noting a specification in the proposal, that to be eligible for the dApp Affiliate Rewards, “a developer must have completed at least 1,000,000 transactions, and spent a minimum of three months on the Fantom Opera Network.”

The idea sparked a debate within the Fantom community’s governance forum, with 50% in favor of the plan and the other half voting against it. The vote, which is still ongoing, will close by Thursday, December 8.

At the time of writing, the Fantom price is $0.2481, up by 0.43% in the last 24 hours, with a $159,678,296 24-hour trading volume, according to data on CoinMarketCap. The coin now ranks at #61 on the market with a live market cap of $631,450,328. There are 2,545,006,273 FTM coins currently in circulation, with a maximum supply of 3,175,000,000 FTM coins.

Fantom Price Bulls Eye a Return To $0.3

At press time, the FTM price was trading at $0.248 with a bearish bias. The DeFi token has been consolidating above $0.24 with bulls and bears battling for dominance since the beginning of the month. The appearance of a doji candlestick at the end of the chart indicates that the buying and selling pressure are balancing out. 

On December 1, the price recorded a high of $0.263 attempting to breach the resistance at $0.252 (white). The breakout was, however, premature, sending the price down to $0.233. The second attempt at a breakout went on between December 4 and 5 but the resistance at $0.252 holds as bears show dominance.

FTM/USD Daily Chart

Fantom price Daily Chart
TradingView Chart: FTM/USD

If buyers gather enough pressure to break up the resistance level of $0.252, then the Fantom price may climb to reach the $0.28 intermediate resistance or climb higher to tag the $0.3 psychological level. Such a move may represent a 20% ascent from the current price. 

The Relative Strength Index (RSI) is positioned in the positive territory at 64, a suggesting that the market is biased to the upside. The Moving Average Convergence Divergence (MACD) indicator is moving upward, adding credence to the positive outlook. 

However, with the latest correction, the digital asset may also succumb to the overhead pressure and continue the bearish movement. Should this happen, the price of the Fantom token may drop to break down the $0.23 level, exposing the bulls to the $0.21 and $0.19 support levels (blue).

Fantom is currently trading below the 200-day simple moving average (SMA) and the 50-day SMA, suggesting that the price faces relatively stiff resistance in its upward path. The RSI was also pointing downward, an indication that the bullish momentum had begun losing steam.

While Fantom was riding on positive news, the proposal to reduce the token burn rate appears to have capped any additional gains in the Fantom prices, and while the FTM token has just commenced bearish movement, other projects like Calvaria and Dash 2 Trade are already at the top.

Calvaria (RIA)

Calvaria is a new crypto project using the play-to-earn (P2E) economic model. The initiative aims to develop an amazing card game of war using similar principles in video games such as Magic the Gathering in an attempt to raise awareness of crypto. The platform’s success target is successfully bridging the gap between real work and crypto.

Calvaria has already raised $2,137,934 USDT out of a total of $3,075,000. The USDT has received positive feedback from those who are interested in cryptocurrencies and play for profit. With these numbers, 121 million RIA tokens have been sold. The Stage 5 presale for this P2P crypto startup has already sold more than 70% of its tokens, with the exchange rating 1 USDT for 33.33 RIA as of press time.

It is important to note that stage 5 of the RIA presale is currently open to the public. Calvaria is also running a giveaway competition.

The pre-sale offers you a chance to win more RIA as the presale approaches its end.

Dash 2 Trade

Dash 2 Trade is also a promising project with an innovative concept that positions it to become the next most popular crypto in the volatile crypto playing field.  The project serves an important purpose, offering various trading services through its D2T crypto. The Dash 2 Trade social trading and analytics platform employs the D2T ERC-20 token as the native currency.

The Dash 2 Trade project also provides unique trading signals suggesting effective trading techniques for armature and professional or experienced traders alike. The presale of the D2T coin commenced in mid-October, raising $500,000 on the first day. This brought the total amount raised to $1 million.

As a platform for cryptocurrency analytics and signaling, Dash 2 Trade has breached the $8.4 million mark just in its presale stage, barely eight weeks since it kicked off. The pre-sale is approaching its fourth phase (final), which is why investors looking to participate must jump in now for early benefits. Noteworthy also, Dash 2 Trade raised $350,000, which is more than 250% of our average raise over the past few weeks.

Moreover, Dash 2 Trade offers experienced traders top-tier technical indicators, including but not limited to trade book data and linear regressions. These provisions are useful for risk management and decision-making.

In the Dash 2 Trade project whitepaper, the platform has a committee to evaluate pre sale activities for new cryptos, based on several different factors to ensure that investors can trust the projects. In the current presale, D2T tokens have already attracted over 70,000 investors.

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Source: https://insidebitcoins.com/news/fantom-price-prediction-will-fantom-reach-0-3