As a seasoned crypto investor with a knack for spotting undervalued gems and riding the waves of market trends, I’ve kept a keen eye on Fantom (FTM) over the past few months. The recent surge it registered has caught my attention, and I must admit, it’s hard not to be intrigued by the bullish sentiment surrounding this coin.
Fantom (FTM) has shown exceptional growth in the last 24 hours, trying to surpass a significant horizontal barrier. Some analysts predict a potential increase of up to 345% by year’s end, but they stress that certain key levels must be regained first before Fantom can reach its next all-time high (ATH).
Fantom Breaks Out Of Downtrend
By sundown, the value of Fantom increased by 8.2%, approaching a significant barrier it hadn’t reached in four months. This cryptocurrency almost hit the $0.8 figure twice over the past week, sparking optimism among investors about its potential upward trend.
In the last three months, FTM has experienced a significant 46.6% surge, bouncing back from the market downturn in Q3 and defying the price trends seen in June. The resistance level established horizontally in June now serves as a crucial milestone for this cryptocurrency, having acted as a robust support zone during the first and second quarters of the year.
Furthermore, Fantom has experienced a 7-month decline from its annual peak of $0.97, presently standing 23% lower. According to market analyst AMCrypto, the downward trend for this cryptocurrency “may have ended.
The researcher observed that the value of the token recently exceeded its trendline, following a surge past the $0.74 resistance point which had previously acted as a support level over the last week. Interestingly, he drew attention to the resemblance between the token’s current chart and its pattern prior to Q1’s upward trend.
According to AMCrypto’s analysis, Fantom (FTM) has climbed twice to the peak of its accumulation zone and then retreated again before moving towards its annual high. They predict that FTM may experience a minor correction, potentially falling within the $0.70-$0.72 range, before surging by approximately 35% to values above $1.
Just like that, crypto investor Rager voiced his thoughts on FTM’s chart performance. To him, the token seems to have the same energy as Solana did in 2023, implying that it might follow suit and increase its pace among the top chains within the next three months.
FTM’s Price Targets $3
According to analyst Analyst Altcoin Sherpa, Fantom’s token could keep climbing if the price of Bitcoin stays steady, as per his perspective on its potential future performance.
The fluctuations in BTC‘s price have impacted FTM’s value, with its support level weakening each time BTC falls. Yet, Fantom has maintained a position above the recently fortified $0.74 threshold as Bitcoin dipped 2.2% to the $67,000 support level on Monday morning.
For the cryptocurrency to maintain its upward trend and break past its current resistance, it needs to reach the $0.75 level again. If this level is successfully turned into a support, it could potentially lead to a surge beyond the $3 mark.
In the meantime, some market observers are predicting that Fantom’s all-time high (ATH) might be reached prior to its token migration, as stated in a report by NewsBTC. It appears that Fantom is planning to move to the Sonic Network sometime between November and December of this year.
As an analyst, I’m sharing that in this transition, Fantom Token Market (FTM) will migrate to Sonic’s native token (S). For FTM holders, this migration comes with a 1:1 conversion ratio, meaning each FTM you own will be swapped for an equivalent amount of the new token. The new cryptocurrency, similar to Fantom in terms of total supply, will have approximately 3.175 billion tokens. However, six months post-launch, there will be a minting of an extra 190.5 million tokens, representing around 6% of the total supply.
Fantom trades at $0.746, a 0.4% surge in the daily timeframe at the time of writing.
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2024-10-22 10:16