Category: FTM news

Fantom (FTM) is enjoying much bullish momentum at the moment, and the odds of the coin rising to as high as $2 has increased. The FTM price recovery is thanks to Fantom’s fundamentals, which have sparked a positive sentiment among investors. 

What Is Driving The FTM Price Recovery

Fantom’s price recovery is mainly driven by its bullish fundamentals, especially the imminent launch of the Sonic network. In a recent blog post, Sonic Labs announced that Sonic’s launch is scheduled for November/December 2024. Investors consider Fantom’s transition to Sonic bullish, which explains why they are investing in the FTM ecosystem ahead of the launch. 

According to the announcement, the layer-1 network Sonic will be EVM-compatible, enabling decentralized applications (dApps) built on other EVM chains to be integrated into the network easily. The network will provide a secure gateway to Ethereum through its layer-2 network. 

The post also claimed that Sonic will provide the “fastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions ” upon launch. This feat will set a new standard in the blockchain space and put Sonic ahead of its competitors. 

Meanwhile, following Sonic’s launch, there will be an airdrop, which will cause more liquidity to flow into the Fantom ecosystem and further spark the FTM price recovery. The Sonic Foundation will airdrop 190 million S tokens out of its 500 million treasury to Fantom users. 

It is worth mentioning that FTM holders can swap their coins 1:1 for the S token, Sonic’s native token, upon the launch of the new layer-1 network. Meanwhile, the S token will not experience any inflation in the first six months, which is positive since investors can rest assured that there won’t be a supply shock following Fantom’s transition to Sonic. 

Other bullish fundamentals sparking the FTM price recovery include the fact that Andre Cronje, Sonic Labs’s co-founder, will build new decentralized finance (DeFi) primitives, with 90% of gas spent said to be going back to applications and developers. 

The Charts Also Support Fantom’s Bullish Fundamentals

Crypto analyst Jagoilio recently highlighted how the charts support the FTM price recovery, with the coin likely to rise higher. He stated that Fantom has moved past its bearish trend and is now looking to break its diagonal resistance. He added that this presents the notion that the crypto is enforcing a bullish market structure and seeking a higher high.

The analyst expects Fantom to enjoy a massive price rally in the fourth quarter, especially following the Fed rate cuts and the US presidential elections. Jagoilio went as far as asserting that FTM can outperform Bitcoin and Ethereum. He also claimed that Sonic will become the supreme layer-1 solution and outperform Solana. 

According to data from CoinMarketCap, FTM is trading at around $0.57 at the time of writing, up over 9% in the last 24 hours.  

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.  

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. 

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. 

Fantom (FTM) had initially reclaimed the $1 level back in March and expectations were that the coin would rise to $2. But that was before the market crash sent prices spiraling, and Fantom lost almost 50% of its value during this time. However, all hope is not lost of for the coin, as one crypto analyst expects a return of the bullish momentum as long as certain conditions are met.

Fantom Searching For Support

Crypto analyst MyCryptoParadise took to TradingView to share their analysis on the Fantom price and how it could see a recovery. After the price fell to $0.56, the altcoin began to look for support, which would serve as a bounce-off point, and the analyst revealed that the altcoin is actually getting closer to this support.

For now, the support lies at $0.5679, which is the point that bulls need to hold to confirm a bullish breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold, as the FTM price searches for “renewed momentum.”

“Should FTM successfully find support and bounce from this level, it could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” the crypto analyst said, highlighting the importance of finding support.

In the event of a breakout, the analyst expects at least a 100% move from here. The first major level to break it the $1 level, and then after that, the crypto analyst sees the price going as high as $1.2 as long as the trend is confirmed.

FTM Could Break Down Further

On the flip side of this, the crypto analyst also identifies a scenario where the Fantom price could continue to break down. In the event that the altcoin is unable to find support above $0.56 and breaks through it instead, the bloodbath could continue.

The bearish continuation which the analyst sees in a situation like this will send the price below $0.5 eventually. The support for the FTM price then lies at the next Bullish OB area, which the crypto analyst identifies to be around $0.449.

“ Reclaiming the support at 0.568 would be crucial for FTM to maintain its bullish momentum,” the analyst said. “Should FTM fail to bounce even after reaching the Bullish OB area, it would signal a bullish invalidation, indicating a continuation of the bearish trend.”

Presently, the Fantom price is trending above support at $0.6641. However, it is down 3% in the last day with 10% losses in the last week.