Ethereum
Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Rise to $1.2
Crypto Analyst Altcoin Sherpa provided an optimistic narrative for Ghost (FTM)which suggests that the crypto token could soon see a significant rise. The analyst also hinted that 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 on its next move higher. Meanwhile, the analyst noted that the crypto token is consolidate at a key level. He added that he expects Fantom to temporarily form a range between $0.50 and $0.70, so that range could act as support as it moves higher.
Altcoin Sherpa has been optimistic about Fantom’s trajectory, stating that he believes FTM will still be a “decent project” in the future, especially with the move to Sonic. In May, the Fantom Foundation announcement 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 to Altcoin Sherpa, predict 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 could see more volatility in the coming days as it is currently oversold. However, once the crypto token breaks out of its oversold condition, the crypto analyst expects this breakout to occur.
FTM could fall as low as $0.45 before the next hike
Crypto analyst Ijaz Awan recently predicted that Fantom could go as low as 0.45 before its next rise. He noted that The weakness of Bitcoin is dragging altcoins like FTM down, 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 ascending stage.
However, the analyst warned that Fantom cannot afford to lose this range of support. He suggested that a drop in prices below this level invalidate its structure and could lead to further price drops for the crypto token.
At the time of writing, Fantom is trading at around $0.54, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com