Fantom Price Prediction: FTM Could Surge to $5 in November
The Fantom price had a good October as investors continued piling into Ethereum-killers. The FTM price surged to an all-time high of more than $3.50, which was about 1,800% above the lowest level in July. This makes it one of the best performing cryptocurrencies in the world.
Fantom is the new kid on the block
Fantom is a relatively new blockchain project that is helping developers build quality decentralized applications (dapps). It is well-known for its fast speed, high throughput, and efficiency. The platform has also partnered with popular platforms like Chainlink, The Graph, and Band Protocol.
Unlike other popular Ethereum-killers, Fantom uses a consensus protocol known as adaptive Byzantine Fault Tolerant (BFT) and a proof-of-stake.
In the past few months, the number of DAPPS currently deployed in the platform has jumped. They include DEXEs like Curve, Beethoven X, and WakaSwap. It also has several cross-chain bridges like Ren, cBridge, and AnySwap. Some of the top DeFi platforms in the network are C.R.E.A.M Finance and Tarot. Its DEFI platforms have a total value locked of more than $5.5 billion, making it the 6th biggest platform.
The Fantom price also surged because of it growing NFT ecosystem. The biggest NFT platforms in the network are Artion, ZooCoin, and PaintSwap. Analysts believe that it will likely become a major challenger in the ecosystem.
Fantom price prediction
The four-hour chart shows that the FTM price has been in a tight range in the past few months. The coin is trading at about $3, which is slightly below its all-time high of $3.50.
Recently, however, the coin has moved to the 25-day and 50-day moving averages as its price has stagnated. Its MACD has also moved below the neutral level. The price is also slightly above the black ascending channel pattern.
Therefore, the coin will remain in a bullish trend as long as the price remains above the ascending trendline. A drop below that price will push the price to the key support level at $1.50.