Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Jump To $1.2
29 Juin 2024 - 5:30PM
NEWSBTC
Crypto analyst Altcoin Sherpa has provided a bullish narrative for
Fantom (FTM), suggesting that the crypto token could soon make a
significant rally to the upside. The analyst also hinted at how
Fantom could rise when this happens. Fantom Could Rise
To As High As $1.2 Based on the chart Altcoin Sherpa shared, Fantom
could rise to as high as $1.2 on its next leg up. In the meantime,
the analyst noted that the crypto token is consolidating at a key
level. He added that he expects Fantom to form a chop range between
$0.50 and $0.70 for a bit, so that range could serve as support as
it moves to the upside. Related Reading: Analyst Warns
Of Bitcoin Breakdown Below Key Psychological Level, Says $40,000 Is
Possible Altcoin Sherpa sounded optimistic about Fantom’s
trajectory, stating that he believes FTM will still be a “decent
project” going forward, especially with the move to Sonic. In May,
the Fantom Foundation announced plans to build Sonic, a layer-1
blockchain with a layer-2 network that connects to Ethereum.
Crypto analyst Bitcoin Ape also shared a sentiment similar to
Altcoin Sherpa, predicting that Fantom could rise to $1.2. The
analyst stated that FT’M’s rally could happen once there is a
market recovery, with Bitcoin leading the way. Specifically,
Bitcoin Ape highlighted a falling wedge pattern formed on Fantom’s
chart, which showed that a price rally was imminent. Like
Altcoin Sherpa, Bitcoin Ape also alluded to Fantom’s pivot to Sonic
as a bullish fundamental for the crypto token. The analyst noted
that Fantom has been on a “massive revamp lately” with several
updates, including the launch of Sonic Labs. He also mentioned the
over $100 million in $S (Sonic’s native token) airdrop, which could
attract developers and users to Fantom’s ecosystem. In the
meantime, Bitcoin Ape predicts that Fantom could experience more
volatility in the coming days because it is currently oversold.
However, once the crypto token leaves its oversold condition, the
crypto analyst expects that breakout to happen. FTM Could
Drop To As Low As $0.45 Before Next Leg Up Crypto analyst Ijaz Awan
recently predicted that Fantom could drop to as low as 0.45 before
its next move up. He noted that Bitcoin’s weakness is dragging
altcoins like FTM down, which is why Fantom struggles to gain
momentum. As such, he predicts that the crypto token could
experience a period of consolidation between $0.45 and $0.55 before
its next leg up. Related Reading: Is The Bitcoin Bottom In?
Crypto Expert Predicts Bullish Price Reversal However, the analyst
warned that Fantom cannot afford to lose that range of support. He
suggested that a drop below that price level would invalidate his
structure and could lead to further price declines for the crypto
token. At the time of writing, Fantom is trading at around
$0.54, down over 3% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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