Fantom Resurgence: Analyst Anticipates FTM Price Surge to $1.2
Amidst the recent market crash, Fantom (FTM) experienced a significant decline in value, losing almost 50% of its worth. However, a crypto analyst remains optimistic, predicting a potential revival for the coin if certain conditions align.
As the FTM price dropped to $0.56, the analyst noted that the altcoin is actively searching for support, which will play a crucial role in triggering a bullish breakout. Currently, the support level sits at $0.5679, and a successful bounce from this point would enable the formation of a double bottom pattern, signaling a potential trend reversal.
Should support be established, the analyst anticipates a minimum 100% increase in price, with the initial target being $1. Moreover, if the bullish trend is confirmed, the analyst envisions the FTM price reaching as high as $1.2.
However, the analyst also acknowledges the possibility of further downward momentum. Failure to secure support above $0.56 could lead to continued decline, potentially pushing the price below $0.5. The next level of support would be around $0.449, referred to as the Bullish OB area.
Currently, the Fantom price is trending above the support level at $0.6641, although it has experienced a 3% decrease in the past day and a 10% loss over the past week.
Please note that all information provided in this article is for educational purposes only and does not constitute financial advice. Investing has inherent risks, and it is advisable to conduct thorough research before making any investment decisions.