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.
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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.
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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.
Featured image created with Dall.E, chart from Tradingview.com