Category: FTMUSD

A crypto analyst on TradingView, known as ‘Tradecitypro,’ has published a detailed Fantom (FTM) report, breaking down the cryptocurrency’s price action across the daily and 4-hour timeframe. After accurately predicting Fantom‘s surge above $1, the analyst highlights key price levels, market trends, potential price movements, and bullish technical indicators for FTM’s next parabolic trend. 

Fantom Daily Timeframe: Signs Of Trend Weakness

After correctly forecasting FTM’s price breakout at $0.84, the TradingView analyst has revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved ascending trendline. According to the analyst, Fantom’s price has reacted multiple times to this distinctive trendline, ending price corrections and resuming its upward momentum.  

During the last bullish surge during Fantom’s uptrend, the cryptocurrency broke past the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, where it stabilized above that level. Moreover, several indicators suggest that FTM may be slowing down and losing momentum. Its candle sizes have been gradually shrinking, indicating reduced bullish activity. Additionally, price corrections have intensified, signaling increased selling pressures and potential profit-taking.

Fantom’s trading volume has also declined, suggesting that traders’ interests might shift. Another technical indicator that is currently bearish is the Relative Strength Index (RSI), which is showing signs of divergence, signaling a potential reversal of the price of FTM drops below 55.74 on the RSI. 

Looking ahead, the TradingView analyst has revealed that a notable sign of sharp bullish trends and pre-pump movements is when a cryptocurrency exhibits weakness and a potential for a price reversal. If the current bearish trend for Fantom continues, the analyst has set the first minor resistance level at 1.6218. 

Additionally, if FTM can maintain a stable price above this zone, its next and strongest resistance could be at 3.2506. This resistance zone is near FTM’s all-time high of $3.46, representing a significant supply region.

On the other hand, if FTM experiences a price correction, it would likely drop to the first support at the curved trendline. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price decline below 0.7707 would invalidate the previous bullish scenario for Fantom, potentially pushing the price further down to between 0.5349 and 0.2928. 

4-Hour Timeframe: Ascending Channel And Potential Breakouts

In the 4-hour timeframe, the TradingView analyst revealed that Fantom is currently moving within an Ascending Channel. The cryptocurrency’s price is interacting with the midline of the channel, providing temporary support. 

The analyst has revealed that no significant moves will be expected if Fantom remains within this Ascending channel. However, if the cryptocurrency can break out, it could lead to two potential scenarios: the start of a new parabolic trend or a trend exhaustion due to a loss in bullish momentum.

The TradingView analyst has identified the price level at 1.636 as Fantom’s next static resistance. However, if FTM’s price has not yet reached this zone, the analyst suggests a safer strategy of taking long positions based on Dow Theory and channel breakouts.

A recent technical analysis on TradingView has drawn attention to the Fantom price, with a projected 18,000% increase to reach $150 by 2025. Ultra-bullish predictions are common in the crypto market, but this one is exceptionally optimistic for Fantom. The technical analysis, which dates back to the crypto’s price action in late 2020, bases the ultra-bullish prediction on historical price trends and technical patterns forming on the Fantom price chart.

Anatomy Of FTM’s 18,000% Move

The analyst’s prediction begins by highlighting Fantom’s significant price correction of 70% from its 2021 all-time high of $3.46. Despite this, technical indicators show that investors are now adopting a bullish outlook on the cryptocurrency. The 10-day Fantom/TetherUS chart reveals resistance breakouts in both the price action and the RSI indicator, signaling a shift in momentum from bearish to bullish. Consequently, the analyst’s technical setup now indicates a bullish reversal in progress. 

Central to the forecast is the bull flag pattern that spans Fantom’s price movements over the past three years. Notably, recent price action has seen the Fantom price breaking above this bull flag pattern. The analyst notes that if this pattern repeats the impulsive wave seen in Fantom’s rally in 2021, the cryptocurrency could achieve another 18,000% increase. Back in 2021, this 18,000% increase saw the price of Fantom go from around $0.015 in November 2020 to $3.46 by October 2021.

Although the cryptocurrency landscape has changed since then, the analyst predicted that Fantom could repeat another 18,000% move in light of the bull flag breakout. This would translate to a price of $150 from the current price level. Such a move would undoubtedly see Fantom outperforming most cryptocurrencies.

Nonetheless, the analysis emphasizes the need for patience, as corrections of up to 80% may occur during the projected climb. The confluence of multiple technical indicators, visualized through red and blue arrows on the chart below, further supports the forecast.

Key Resistance Levels And Risk Assessment

The analyst identifies $3 as the first major resistance level, highlighted by the formation of an inverse head-and-shoulders pattern. Breaking through this zone would be a crucial step in validating the bullish trajectory.

At the time of writing, Fantom (FTM) is trading at $1.03. Its price movements in the past seven days have traded between the upper and lower ends of $1.29 and $0.987, respectively. However, Fantom is still bullish on the larger timeframe, as it is currently up by over 61% in the past 30 days. 

An 18,000 projection from the current levels would require far more capital inflow than it did in 2021, when Fantom was trading around 1 cent. Regardless of how this 18,000% projection plays out, the Fantom price is on track to keep on its steady growth alongside the rest of the crypto market, especially if an altcoin season eventually rolls in.  

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.