In the last two trading sessions, the Fantom price surged by 33 per cent. However, the trend looks to be reversing in today’s trading session, with the crypto already down by a percentage point, after starting strongly in the early hours with a 5 per cent surge.
Since its founding, Fantom has become one of the largest cryptocurrencies ranked 57th with a market capitalization of over $850 million. At its core, Fantom is a decentralized, permissionless, open-source platform that allows users to develop dApps and other digital assets. It is one of the main competitors of Ethereum.
Fantom’s implementation of smart contracts also makes it one of the fastest in the markets. Unlike its competitors, transactions using Fantom are also inexpensive and nearly instant, since it is capable of handling thousands of transactions per second. The platform also allows Fantom token holders to use it for staking, governance, network fees, and payments.
Fantom Price Prediction
Today’s trading session is showing an aggressive push to the downside. In the early hours of the session, the prices were up by over 5 per cent. This was a continuation of the past two days, which had seen prices rise by 33 per cent. However, as the session progressed, the prices started to move aggressively downwards. Since then, prices have dropped to the current one per cent loss in the markets at press time.
Looking at the chart below, there is a high likelihood that we will see the current bearish trend continue to fall throughout the session. I also expect the price correction to continue in the next few trading sessions. Therefore, my Fantom price prediction expects the price to drop and hit yesterday’s opening price of $0.29. It is also likely we will see prices hit the $0.24 support level since today’s drop is likely a result of hitting the $0.34 resistance level. My analysis will, however, be invalidated should the prices move past today’s price high of $0.35.