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The Fantom price soared 9% to trade for $0.9239 as of 02:12 EST time as trading volume jumped 61%.
FTM is an outlier as the broader crypto market struggles following weakness in the Bitcoin price. It stands alongside Aptos (APT) and Stacks (STX) as one of just a few cryptocurrencies currently in the green.
Today's top gainers in the crypto market: 🔥
💎 Fantom (FTM) – Price: $0.9927 | 24h: +11.00% | Volume(24h): $1,129,415,656
💎 Aptos (APT) – Price: $16.25 | 24h: +10.35% | Volume(24h): $1,106,240,718
💎 Sui (SUI) – Price: $1.69 | 24h: +9.03% | Volume(24h): $978,162,967#crypto pic.twitter.com/uLcQqcQtrB
— TechGenie FX 🕶️ (@techgenieFX) March 19, 2024
The surge in the Fantom price comes on the back of growing investor activity as large holders (whales) progressively accumulate FTM tokens. This points to a strong bullish sentiment, causing a surge in the Fantom price.
As FTM market value continues to increase, investors are buzzing with excitement, with expectations of a potential rally that could see the Fantom price reclaim previous highs.
TheFantomGoat recently put 3m liquidity into FTM. He's a genuine whale, and he loves FTM. You should get in on this. Gonna be huge.
— 🎹 milesmuso #SWOL #GoGo 🟣 🎹 (@milesmuso) March 19, 2024
Reports also indicate that the Fantom ecosystem reduced the supply of FTM tokens in March. Based on the demand-supply dynamics, the reduced supply likely played a part in driving the asset’s price higher.
Fantom Price Soars On The Wings Of FTM Sonic
In a March 13 announcement, the Fantom Foundation announced the Fantom Sonic Mainnet. This is like the Fantom network’s upgraded version, only that it does not require a big technical change dubbed hard fork.
As we prepare for the #Fantom Sonic mainnet, we want to revisit the closed testnet's incredible performances:
🟦 2,000 TPS (1s TTF) — realistic traffic
🟦 4,000 TPS (1.3s TTF) — ERC-20 swaps
🟦 10,000 TPS (1.6s TTF) — ERC-20 transfersLearn more here 👇https://t.co/b9nHV238EC pic.twitter.com/5qmBkLyfRB
— Fantom Foundation (@FantomFDN) March 13, 2024
For the layperson, with Fantom Sonic, elements such as smart contracts and tools work just fine, with the upgrade bringing:
A new Fantom Virtual Machine (FVM)
Likened to the engine that drives all network operations and making transactions faster and more efficient. With the FVM, things run more quickly and with enhanced reliability.
Carmen
Carmen operates as a storage system only that it uses less space, thus saving on costs for those running the network. At the same time, it makes it faster to establish new parts of the network.
Improved Lachesis consensus mechanism
There is also an enhanced Lachesis consensus mechanism, which simply means they have streamlined and made seamless the process of agreeing on transactions much better.
The Fantom Sonic is currently in the testing phase, slated to take the place of Fantom Opera officially in spring this year.
Fantom Price Prognosis As FTM Is Buoyed By Whale Interest
The Fantom price has filled the weekly imbalance, marked by the Fair Value Gap (FVG) between $0.8694 and $1.0605. With this, there is no effective pull or in technical terms, an inefficiency that requires to be filled. Given the position of the Relative Strength Index (RSI) at 82, FTM is already massively overbought and the Fantom price is in high risk of a correction.
The saving grace for the Fantom price would be a decisive close above the consequential encroachment (CE) on the weekly timeframe. Notably, the CE indicates the midline of the FVG at $0.9632.
The odds still favor the upside, seeing as the RSI, despite its overbought stance, shows that momentum is still rising. The green histograms of the Awesome Oscillator (AO) are also above the mean line, showing the bulls are still in control.
A decisive candlestick close above the CE would signify the continuation of the trend, setting the pace for the Fantom price to target the $1.2000 psychological level. In a highly bullish case, the gains could extrapolate for the FTM price to reach the $1.4000 level. Such a move would denote a 45% climb above current levels.
TradingView: FTM/USDT 1-week chart
On the other hand, if the bears have their way and the weekly FVG holds as resistance, the Fantom price could face a rejection. If FTM breaks and closes below the $0.7836 support on the weekly timeframe, it would encourage more selling. This could see the Fantom price roll over to the supply zone turned bullish breaker between $0.4449 and $0.5262.
If the Fantom price slips below the mean threshold or midline of the supply zone, it would confirm the continuation of the downtrend.
Investors who missed the Fantom price rise might want to consider diversifying into an interesting new presale called 5SCAPE, the powering token for an AR/VR crypto ecosystem
According to the official website, it is the “world’s first AR & VR ecosystem that connects the smartest minds together.”
Promising Alternative To Fantom
5SCAPE is the powering token for the 5th Scape ecosystem, a project poised to change the narrative in the VR and AR space.
The project focuses on VR games, but plans are in play to integrate other forms of VR and AR content. Among them are educational experiences, social applications, and creative tools.
🔥 Unleash your fighting spirit in the electrifying world of MMA Cage Conquest! with #5scape
🎮 Get a first look at the official trailer and experience the adrenaline of virtual reality combat.
Are you ready to rise as the ultimate champion? Watch now: https://t.co/bHLiYMurCa… pic.twitter.com/K0CZkFWgws
— 5th Scape (@5th_scape) February 13, 2024
The 5SCAPE has multiple use cases. First, it provides access to premium VR content that gives holders access to games, experiences, and features within the platform. Secondly, it is a Play to Earn (P2E) token, with this mechanism enabling players to get incentives with 5SCAPE tokens.
The token has a staking function that will be funded by player subscriptions and participation in virtual experiences. As more players join the project and grow the liquidity pool of the ecosystem, it will provide the basis for an attractive annual percentage yield from staking activities.
Step into new worlds of imagination. 🕹️🚀@5thScape is building a next-gen #VR and #metaverse ecosystem to redefine virtual reality.
Collect rare digital assets. The possibilities are endless!
Join the community – https://t.co/ewBcsEeltG#gaming #innovation #blockchain pic.twitter.com/hUe3cDDYnT
— 5th Scape (@5th_scape) February 11, 2024
With a listing price fixed at $0.01, investors who buy now at $0.00215 will lock in a gain of 365% by the time of launch. A 15% price hike will come in a little less than four days, so interested investors should get ahead of that now before it’s too late.
Also Read:
- The VR Industry Is All Set To Receive A Massive Boost Thanks to 5th Scape (5SCAPE)
- If You Believe In The Future Of AR/VR, 5th Scape (5SCAPE) Is The Best Project To Invest In
- How To Buy 5th Scape – 5SCAPE Token Presale Review
- 5th Scape Crypto Price Prediction – 5SCAPE Price Potential for 2024
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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