Altcoin
Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Surge to $1.2 — TradingView News
Altcoin cryptocurrency analyst Sherpa has provided a bullish narrative for Fantom (FTM), suggesting that the crypto token could soon make a significant upward rally. The analyst also hinted at how Fantom could soar when that happens.
Fantom could rise to $1.2
Based on the chart shared by Altcoin Sherpa, Fantom could rise to $1.2 in its next move. In the meantime, the analyst noted that the cryptocurrency is consolidating at a key level. He added that he expects Fantom to form a range between $0.50 and $0.70 for a while, so that range could act as support as it moves higher.
Altcoin Sherpa seemed optimistic about Fantom’s trajectory, saying he believes FTM will still be a “decent project” in the future, 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 similar sentiment as Altcoin Sherpa, predicting that Fantom could rally to $1.2. The analyst stated that the FT’M 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 undergone a “massive revamp lately” with several updates, including the launch of Sonic Labs. He also mentioned the more than $100 million in airdrops of $S (Sonic’s native token), which could attract developers and users to the Fantom ecosystem.
Meanwhile, Bitcoin Ape predicts that Fantom may experience more volatility in the coming days because it is currently oversold. However, once the crypto token abandons its oversold condition, crypto analyst expects such a 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 upward move. He noted that Bitcoin’s weakness is dragging down altcoins like FTM, which is why Fantom is struggling to gain momentum. Therefore, he predicts that the crypto token may experience a period of consolidation between $0.45 and $0.55 before its next rally.
However, the analyst warned that Fantom cannot afford to lose that support range. He suggested that a drop below that price level would invalidate its structure and could lead to further price declines for the cryptocurrency 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.