With news of the departure of Andre Cronje leaving sending jitters in the community. Is Fantom a good investment right now?
Fantom had gotten off to a stellar start to 2022, nearly beating its all-time high set in October of 2021, when the price hit $3.48. The surge at the beginning of 2022 saw FTM push up to $3.30, according to data by CoinMarketCap. However, FTM has been trading significantly lower since, nearly dropping below the $2 level towards the end of January. Recently, with the news of the departure of Andre Cronje from the DeFi space and crypto, the FTM price saw another significant drop. While investor concern is understandable, this does not change the long-term investment outlook for Fantom. Since it is trading at a lower price, investors are curious to know if FTM is a buy, sell, or hold right now.
A Market-Beating Cryptocurrency, But For How Much Longer?
Investors have always been keen to invest in Fantom, as the cryptocurrency presents a cheaper alternative to Ethereum.
While remaining an attractive investment, recent declines in the price of FTM has made investors a little jittery. After reaching its all-time high, there has been significant volatility experienced by FTM. The price dropped almost immediately and fell below $2 by mid-November. By mid-December, FTM was trading at around $1.20 and $1.30. However, the price turned bullish, ending the year on a high and nearly beating its all-time high in mid-January 2022, when the price climbed to $3.30.
However, Fantom has been on a downward trajectory in 2022, and the recent news about Andre Cronje departing the crypto space drove the price down further, with the exit hitting Fantom hard as its TVL slumped following the news. However, investors are confident about FTM’s long-term prospects despite the slump, and this could make FTM one of the best cryptos to buy.
The Road Ahead For Fantom
While there may be a little uncertainty, there are several reasons to buy Fantom
Fantom still has several factors working in its favour, with the price recovering marginally despite recent developer and personnel exits.
Impact Of Andre Cronje’s Departure
Fantom’s price tanked after news on Andre Cronje and Anton Nell’s abrupt departure, spooking investors and triggering a sell-off. Cronje’s association with Fantom is what attracted several investors to the protocol. Almost all projects associated with Fantom suffered a significant drop in price. However, the long-term prospects of Fantom are still positive, with hundreds of developers still building on the network. While the TVL has dropped, it still stands at over $6.6 billion and has shown signs of increasing, with over 100,000 unique addresses active. Fantom could be a good investment for the long term.
Upcoming Protocol Upgrades
Fantom also has several protocol upgrades in the pipeline, and news of the same has already had an impact, with the FTM price rising to $1.27 on March 16th, according to TradingView. The protocol upgrades will allow Fantom to enhance its network, bringing lower memory consumption, new security features, and significantly improved storage capabilities.
Check Out: Fantom Price Prediction For 2025 And 2030
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Is Fantom A Buy Right Now?
Fantom is a buy right now. Analysts are quite bullish on the growth potential of its project and rich features. According to CoinCodex, Fantom crypto is expected to reach new levels. Technical indicators indicate that the current sentiment around it is neutral, with 16 technical analysis indicators estimating bullish signals. Wallet Investor seems relatively bullish on the long-term prospects of FTM, indicating that it could surpass its previous all-time high by 2023.
A Crypto Under Close Watch - Now And Always
According to the analysis, FTM is currently a buy and hold, with long-term prospects indicating a higher ROI. Fantom is one crypto to keep an eye on, with a current market capitalization of $3.2B, and a TVL of over $6.6 billion. Several indicators estimate that the FTM price could increase significantly.
eToro – The Best Platform To Buy Fantom
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Read More:
What Is Fantom? Should You Invest In FTM
How to Make (or Lose) Money With Fantom (FTM)