• Fantom (FTM) price made a small comeback on Tuesday ahead of the upcoming US inflation data.
• Economists expect the data to show that the country’s inflation inched downwards in January as goods prices retreated.
• The developers are working to rebuild the network and launch a stablecoin known as fUSD that will power its ecosystem.
Fantom (FTM) Price Rebounds Ahead of US Inflation Data
Fantom (FTM) price rose modestly on Tuesday ahead of the upcoming American consumer inflation data. It reached a high of $0.4780, which was a few points above this week’s low of $0.4138. This price is about 30% below its highest point in 2023.
Expectations for US Consumer Inflation Data
The main catalyst for FTM will be the upcoming US consumer inflation numbers scheduled for Tuesday. Economists expect the data to show that the country’s inflation inched downwards in January as goods prices retreated. According to Reuters, the median estimate among economists is that headline consumer price index (CPI) declined from 6.5% in December to 6.2% in January, marking seven straight months of declining inflation numbers. Core CPI, which excludes volatile food and energy prices, is expected to have dropped from 5.7% in December to 5.6%.
Impact on Federal Reserve and Other Assets
These inflation numbers will have an important role not only for Fantom but also other cryptocurrency prices like Bitcoin and Ethereum as well as other financial assets like stocks and commodities due to their impact on Federal Reserve policies going forward. Higher-than-expected inflation numbers coming a week after strong jobs numbers could mean that Fed will become more aggressive while softer figures could see them adopting dovish policies aimed at preventing a hard landing caused by recessionary pressure indicated by inverted yield curve at lowest level since 1980s.
Rebuilding Network and Launching Stablecoin
In addition, Fantom price has been reacting positively to news about developers working on rebuilding its network following challenges reported earlier this year with one key project being launch of fUSD stablecoin which will power its ecosystem; confirmation came recently from Andre Cronje who is influential figure within FTM ecosystem
Fantom Price Prediction
It remains unclear what direction FTM price will take going forward but traders should keep track of latest developments including US consumer inflation data release later this week, rebuilding efforts by developers, launch of fUSD stablecoin and other events which could affect demand or supply dynamics impacting value of coin over medium term