The Fantom stock has defied all odds this week. FTM has risen over the past eight days. Investors are betting that it will be the next big cryptocurrency. The coin is trading at $1.80, up more than 1000% from its July low. That makes it one of the best performing tokens in the industry.
What is Fantom and how does it work?
Fantom is a blockchain project that implements Directed Acyclic Graph(DAG) using OPERA technology. The resulting product is a platform for smart contracts. It allows developers to create versatile decentralized applications (DAPP).
Fantom uses Lachesis blockchain technology, which can be integrated with any distributed ledger. The result is a highly scalable, secure, green, and open platform.
The FTM token is the native coin for the network. It is the same as ETH for Ethereum technology. The token secures the network while providing on-chain governance. It is also used to pay network fees and other payments. There is a stockpile of 3.175 billion FTMs. 2.1 billion of them are in circulation. The rest are stockpiled for deployment bonuses.
In recent months, Fantom has been integrated into several platforms, including Band Protocol, Chainlink, The Graph and Covalent.
That has pushed FTM’s share price to an all-time high and its total market cap to more than $4.7 billion. This makes it the 32nd largest cryptocurrency in the world. Remarkable considering Fantom was relatively unknown just a few months ago.
This growth coincided with the strong performance of other Ethereum competitors like Solana, Algorand, Avalanche, and Elrond.
Fantom Price Forecast
The four-hour chart shows a parabolic rally over the past 4 weeks. Since then, Fantom has risen more than 1,000% from its low in July.
The uptrend is supported by the 25-day and 50-day moving averages. In addition. a rising price range was formed. It is shown in black. The current price is slightly below the upper side of the trading range.
MACD is also in a strong uptrend. Therefore, the coin will probably continue to rise as long as the FOMO phase continues. This could push it above $2.5 in the near future. In the long run, the coin will likely lose most of these gains as it moves into the distribution phase.