Altcoins
Cryptocurrency Analyst Says Ethereum Competitor Fantom (FTM) Could Climb to $1.2 — TradingView News
Altcoin crypto analyst Sherpa has provided a bullish narrative for Fantom (FTM), suggesting that the crypto token could soon make a significant rally higher. The analyst also hinted at how Fantom could rise when this happens.
Fantom could reach $1.2 billion
Based on the chart shared by Altcoin Sherpa, Fantom could reach $1.2 in its next surge. In the meantime, the analyst noted that the crypto token is consolidating at a key level. He added that he expects Fantom to temporarily form a range between $0.50 and $0.70, so this range could act as support as it moves higher.
Altcoin Sherpa was optimistic about Fantom’s trajectory, saying 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 create Sonic, a layer 1 blockchain with a layer 2 network that connects to Ethereum.
Cryptocurrency analyst Bitcoin Ape also shared a similar sentiment as Altcoin Sherpa, predicting that Fantom could reach $1.2. The analyst said FT’M’s rally could take place once the market recovers, 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 hinted at Fantom’s pivot to Sonic as a bullish fundamental for the crypto token. The analyst noted that Fantom has seen a “massive overhaul lately” with several updates, including the launch of Sonic Labs. He also mentioned the airdrop of over $100 million in S$ (Sonic’s native token), which could attract developers and users to Fantom’s ecosystem.
Meanwhile, Bitcoin Ape predicts that Fantom may experience more volatility in the coming days as it is currently oversold. However, once the crypto token exits its oversold state, the crypto analyst expects this breakout to occur.
FTM could drop to $0.45 before next rally
Crypto analyst Ijaz Awan recently predicted that Fantom could drop as low as $0.45 before its next rally. He noted that Bitcoin’s weakness is pushing down altcoins like FTM, which is why Fantom is struggling to gain momentum. As such, he predicts that the crypto token could see a period of consolidation between $0.45 and $0.55 before its next rally.
However, the analyst warned that Fantom cannot afford to lose this range of support. He suggested that a drop below this price level would invalidate its 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 more than 3% in the past 24 hours, according to data from CoinMarketCap.