Fantom has retraced 93% from $3.48 in October 2021 to $0.23 in May 2022 – is the FTM bottom in yet? Will Fantom go up in 2022?
Part of the Fantom drop was unrelated to the Fantom project, which is a promising smart contracts platform with the aim to improve scalability issues and transaction costs that affect existing blockchain technology, and provide a better blockchain platform ‘for DeFi, crypto dApps, and enterprise applications’ according to the Fantom Foundation website.
Many crypto projects sold off when Bitcoin began its six month correction from $69,000 – hit in November 2021 shortly after the current Fantom all time high – to the $26,000 level in May 2022. That month also marked the Terra (LUNA) crash which affected other DeFi projects and the entire crypto markets – which shows some signs of being over as LUNA is pumping off the lows.
FTM Price Prediction
One dollar was a key support level for the Fantom price, that previously resulted in a large bounce to the upside for Fantom the last time it was retested. That was also the 100% Fibonacci level of the current bearish price leg.
It’s possible the bottom is in at $0.23 – $0.24 for Fantom, as Bitcoin put in a strong bounce in May from the $26,000 area (closer to $25,000 on some perpetual futures pairs) to reclaim the $30,000 level.
The 1.382 Fib level would be just above $0.15 which would also sweep the lows set in mid 2021 if a retest of that level does happen in 2022. A strong bounce would be expected from that area.
At some point the 1.272 Fib should be retested from below, at $0.41. If the Fantom price can reclaim that level and the psychological price point of $0.50 a trading set up could be to buy and hold for the long term as a retest of $1 would also be likely for such a popular altcoin project with a large following.
The Fantom price prediction video plots some Fibonacci extension levels to the upside.
The Fantom market cap has dropped under $1 billion – currently $850 million, ranked #60 on Coinmarketcap – and FTM is oversold. A market cap of $1 billion and higher is standard in a bull market so if any positive news sentiment returns to crypto, that could increase at least 15-20% in the coming weeks and months.
Crypto Price Predictions
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