Crypto Analyst Altcoin Sherpa provided an optimistic narrative for Fantom (FTM)suggesting that the crypto token could soon see a significant upward rally. The analyst also hinted at how Fantom could rally when that happens.
Fantom could reach US$1.2
Based on the chart shared by Altcoin Sherpa, Ghost could rise to as high as $1.2 in its next leg up. Meanwhile, the analyst noted that the crypto token 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 this range can serve as support as it moves higher.
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Altcoin Sherpa seemed 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 similar sentiment to Altcoin Sherpa, predicting that Fantom could rally to $1.2. The analyst stated that FT’M’s recovery could happen 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.
![Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Jump to $1.2 1 Phantom 2](https://thegurumedia.com/wp-content/uploads/2024/06/Fantom-2.png)
Just like Altcoin Sherpa, Bitcoin Ape also alluded to Fantom’s pivot to Sonic as a bullish rationale for the crypto token. The analyst noted that Fantom has undergone a “major overhaul lately” with several updates, including the launch of Sonic Labs. He also mentioned the airdrop of over $100 million worth of $S (Sonic’s native token), which could attract developers and users to the Fantom ecosystem.
Meanwhile, 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 such a breakout to happen.
FTM may fall to $0.45 before next leg
Crypto analyst Ijaz Awan recently foreseen that Fantom could fall to 0.45 before its next move higher. 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 go through a period of consolidation between US$0.45 and US$0.55 before your next step.
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However, the analyst warned that Fantom cannot afford to lose this support range. He suggested that a drop below this price level invalidate its structure and may lead to further price drops of the crypto token.
At the time of writing, Fantom was trading around $0.54, down more than 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com