Fantom (FTM) price prediction after current sell-off

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on May 24, 2022
  • May has been a negative month for the cryptocurrency market for now
  • Fantom (FTM) has collapsed from its 2022 highs
  • The current support level stands at $0.30

Fantom FTM/USD has weakened from $0.87  to $0.22 since May 05, 2022, and the current price stands at $0.40.

The cryptocurrency market continues to lose its value this Tuesday, Bitcoin went below $29000 for a moment, and if you decide to trade this cryptocurrency in the upcoming days, you should consider that FTM can weaken even more.

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Fantom solves the problems with the limitations of previous generation blockchain platforms

Fantom is an open-source smart contract platform that delivers unparalleled speed, security, and reliability for digital assets and dApps. Fantom is fully compatible with Ethereum, and it can process thousands of transactions per second.

Smart contracts are written in Solidity, and they can function on Fantom as they do on Ethereum, but smart contracts have a Fantom address.

Its modular architecture allows businesses and individuals to develop decentralized applications that can be used in the real world across various industries.

Fantom solves the problems with the limitations of previous generation blockchain platforms, and it achieves decentralization and security through a permissionless and leaderless consensus protocol, in which anyone can join and leave the network at any time, and all nodes are equal.

Fantom is powered by Lachesis, an advanced DAG-based aBFT consensus algorithm, and it is important to say that Fantom integrated industry-leaders oracle providers Chainlink and Band Protocol for maximum flexibility to access price feeds.

To interact with this open-source smart contract platform, you should use FTM tokens. FTM tokens allow you to participate in Fantom ecosystem governance, and anyone with at least 1,000,000 FTM can run their own validator node to earn epoch rewards and transaction fees.

Token holders can vote on parameters such as block rewards as well as technical committees, and votes are weighted according to the amount of FTM held by an entity (1 FTM equals one vote).

Fantom (FTM) is currently trading more than 80% off from its 2022 highs, and if you decide to buy this cryptocurrency at the current price, you should consider that the price can weaken even more.

The uncertainty because of the Russian-Ukrainian war, high inflation, and the rising risks of the recession remain investors’ focus. According to Mike Novogratz, CEO of Galaxy Digital, cryptocurrencies could decline another 70%.

FTM remains under pressure

Fantom (FTM) was a bad performer during the last several months and technically looking, the risk of further decline is still not over.

Data source: tradingview.com

The current support level stands at $0.30, and if the price falls below it, the next price target could be at $0.20 or even below.

The important resistance level stands at $0.70, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $1.

Summary

Fantom (FTM) was a bad performer during the last several months, and if the price falls below $0.30, the next price target could be at $0.20 or even below. The cryptocurrency market remains under pressure, and according to Mike Novogratz, CEO of Galaxy Digital, cryptocurrencies could decline another 70%.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.