Fantom's FTM token has seen a moderate 1.00% price increase over the past hour to trade at $0.2474 according to our data provider CoinStats.
Checking the 24-hour volume, we can see $60.79 million worth of FTM has been traded. That's lower compared to peak activity levels for Fantom, indicating relatively limited trading likely contributing to the muted price action.
Zooming out, data shows Fantom remains down 19.77% over the past month and 47.01% during the last 6 months. This highlights the tremendous selloff as the broader crypto market entered an extended bear phase.
Analyzing the charts, Fantom is struggling to regain upside momentum after breaching key support around $1.00 earlier this year. However, the current basing between $0.20-$0.30 indicates FTM could be carving out a bottom before the next major breakout.
I expectFantom may continue consolidating in the near-term as the crypto market struggles for clear direction. But its promising technology and real-world adoption could drive a strong recovery in the next bull market potentially back to all-time highs near $3.50.
What is a Realistic Fantom Price Prediction?
Given Fantom's huge gains in 2021 topping out near $3.50, I think a 2x-3x return from current levels is a reasonable best-case scenario for this cycle peak.
That would potentially put Fantom topping out around $0.60-$0.90 if altcoin strength returns. Hitting the higher end would likely require overall crypto market cap swelling back above $3 trillion.
Of course, if crypto sentiment sours, FTM could continue declining or trading sideways for an extended period. But long-term fundamentals remain strong as blockchain adoption increases.
Should You Buy Fantom in 2023?
Fantom offers fast and low-cost smart contract capability combined with a secure consensus mechanism. This makes it appealing for DeFi and Web3 developers to build real-world use cases.
For risk-tolerant crypto investors, building a position in FTM during times of extreme fear makes sense. Dollar cost averaging can help smooth out entry timing challenges.
As always ensure proper portfolio diversification. While still higher risk, Fantom offers disruptive technology with asymmetrical upside in the years ahead as adoption grows.