Fantom price prediction: FTM is set to skyrocket if this happens

By: Crispus Nyaga
Crispus Nyaga
Crispus is an active trader, where he is followed and copied at Capital.com. He lives in Nairobi with his… read more.
on Oct 17, 2021
  • The Fantom price rallied sharply during the weekend.
  • This rally happened as more DEFI developers moved to the ecosystem.
  • The coin will likely skyrocket if it moves above its all-time high.

The Fantom (FTM/USD) price maintained a major bullish trend during the weekend as the ecosystem continued to grow. The FTM coin is trading at $2.31, which was about 20% above the lowest level last week. The price is also a few points below its all-time high of $2.4560.

Fantom growth

Fantom is a fast-growing blockchain infrastructure platform that enables developers to build all types of decentralized applications (DAPPs). The platform has specifically become more popular among developers building decentralized finance (DeFi) platforms. 

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Indeed, data compiled by DeFi Llama shows that more than 40 projects have been built using Fantom. Their total value locked (TVL) has skyrocketed to more than $5.28 billion, which is a strong number considering that Fantom is a relatively new platform.

Some of the most popular DeFi projects built on Fantom are Geist Finance, which has a TVL of more than $2 billion. It is followed by other DeFi projects like SpookySwap, SpiritSwap, Beefy Finance, and Scream. In total, eight of the DeFi platforms built on Fantom have a TVL of more than $100 million.

Fantom has also built Fantom Finance, which is a platform DeFi platform that has a TVL of more than $100 million. Users can also stake FTM to earn strong interest. 

Fantom is also positioning itself as the next big thing in decentralized gaming. The developers have allocated more than 370 million FTMs to fund developers building games on its network. At the current price, the value of this fund is more than $600 million, making it one of the biggest grants ever. So, what next for the FTM price?

Fantom price prediction

Fantom price

The four-hour chart shows that the FTM price has been in a strong rebound in the past few days. A closer look shows that this rebound started when the price dropped to the key support at $1.9140. This was no ordinary price since it was also the highest level on September 9. Therefore, there is a likelihood that the price has done what is known as a break and retest pattern, which is a bullish sign. 

The price has also moved above the 25-day and 50-day moving averages. As such, there is a possibility that the pair will have a major bullish breakout. But this view will only be confirmed if the price moves above the all-time high of $2.455.

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