Fantom (FTM) has registered a remarkable performance over the last 24 hours, trying to break through a crucial horizontal level. Some market observers predicted a 345% increase before the end of the year, but defined key levels to recover before FTM’s new all-time high (ATH).
Fantom breaks out of downtrend
At the end of Sunday, the price of Fantom jumped 8.2% towards a crucial resistance level not seen in four months. The cryptocurrency approached the $0.8 mark for the second time in the last seven days, fueling bullish sentiment among investors.
FTM has seen a 46.6% increase over the past three months, recovering from Q3 market declines and defying June price action. The June horizontal resistance marks the first crucial level for the cryptocurrency, as it was a strong support area during the first and second quarter.
Furthermore, Fantom has been in a downtrend for 7 months since its yearly high of $0.97, currently 23% below it. AMCrypto Market Analyst suggested that the cryptocurrency downtrend is “over”.
The analyst noted that the token broke above the trendline after rising above the $0.74 resistance level and testing it as support over the last week. However, he highlighted the similarities between the FTM chart today and before the Q1 rally.
Fantom twice rose to the upper range of its accumulation zone and pulled back before reaching its annual high. For AMCrypto, FTM could see a final correction towards the $0.70 to $0.72 range before rising 35% towards “$1 and above”.
Similarly, crypto investor Rager commented on the strength of the FTM chart. For the investor, the token “gives bomb vibes to Solana 2023”, suggesting that it “will catch up to the major networks in the next three months”.
FTM Price Targets $3
Altcoin Analyst Sherpa shared your thoughts on the future performance of the token. Sherpa considers that Fantom will continue to “increase” if the Bitcoin price remains stable.
BTC’s movements have affected the price of FTM, losing support whenever the leading crypto falls. However, Fantom managed to stay above the recently recovered $0.74 mark as Bitcoin. knocked down 2.2% to the $67,000 support zone on Monday morning.
The cryptocurrency must reclaim the $0.75 mark to continue building its bullish momentum and reclaim the $0.8 resistance. Turning this level into support targets a potential rise above $3.
Meanwhile, other market observers suggested that FTM will reach a new ATH before its token migration. As reported per NewsBTC, Fantom is scheduled to transition to Sonic Network between November and December of this year.
The transition will see FTM migrating to Sonic’s native token, S, offering a 1:1 conversion rate for FTM holders. The new cryptocurrency will have a supply of 3.175 billion tokens like Fantom, but will mint an additional 190.5 million tokens, worth 6% of the supply, six months after its launch.
Fantom trades at $0.746, up 0.4% on the daily time frame at the time of writing.