- Fantom price exploded and posted over 61% gains over the past week.
- Total value locked in the Fantom network has crossed $5.83 billion based on data from Defi Llama.
- Analysts have predicted a rally in Fantom price, and set a target of $2.60 for the scalable blockchain token.
Fantom price exploded in the past week, total value locked in the network crossed $5.83 billion. Proponents have predicted a recovery in Fantom price from the recent crash.
Fantom price eyes 20% price rally
The highly scalable blockchain platform, Fantom suffered a drop in price. In the recent crypto crash, the token’s price plunged.
Fantom price has posted over 5% losses over the past 24 hours. The layer-1 blockchain supports the creation and execution of multiple chains.
Over the past week, Fantom network’s total volume locked has nearly doubled, hitting a local high.
An independent consensus layer, ‘Lachesis’, provides security to multiple layers in the scalable blockchain network. Fantom has Ethereum Virtual Machine (EVM)-compatible smart contract chains, making it lucrative for traders and investors.
The token’s price exploded over the past week, posting consistent gains. This has contributed to the spike in total volume locked (similar to market capitalization). Fantom’s TVL has surpassed $5.83 billion based on crypto data platform Defi Llama.
Fantom’s future plans are to enable fast and cost-efficient transactions through its Lachesis Protocol.
@AltcoinSherpa, a pseudonymous crypto analyst, had predicted a spike in Fantom price based on his analysis of the asset.
$FTM: Still the same plan, already took a lot off though. #Fantom pic.twitter.com/qLCGvYvAr7
— Altcoin Sherpa (@AltcoinSherpa) December 26, 2021
@ThisIsMuse, a crypto analyst and trader has drawn a similar conclusion based on the evaluation of Fantom price trend. The analyst believes that Fantom price could rally to $2.60, a 20% gain from the current level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP drops to $0.40 as Ripple and altcoins are hit by marketwide correction
Ripple piled losses alongside top altcoins and Bitcoin early on Friday. The German government’s Bitcoin transfers and Mt.Gox payback to creditors have created uncertainty among traders and increased the pressure on Bitcoin and altcoins like XRP.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
Bitcoin dipped under $54,000 early on Friday as the crypto market suffered a steep correction. Ethereum lost key support at $3,000, erasing gains ahead of the anticipated approval of the Spot Ether ETF.
Bitcoin Cash faces potential 24% crash as Mt. Gox starts repayments
Bitcoin Cash price trades below the weekly support level of $378.6, experiencing a 20% decline this week. Mt.Gox moves over 47,229 BTC worth $2.71 billion, signaling FUD in the market.
Bitcoin faces second largest liquidation event in history, erasing 25% of Base meme coins’ market cap
Bitcoin on-chain data confirms that the current correction represents the second-largest liquidation event in BTC’s history. Base meme coin market capitalization dipped over 25% in the wake of the market-wide decline in crypto prices.
Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors
Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level.