Fantom (FTM) has surged by around 17% today, ranking among the top crypto gainers. This sharp increase has interested of analysts, including Altcoin Sherpa and Crypto_Jobs TA & FA, who have offered differing outlooks on FTM’s near-term prospects.
While Altcoin Sherpa anticipates further growth, Crypto_Jobs TA & FA cautions against a potential pullback and consolidation. Per CoinGecko data at press time, Fantom trades at $0.4613. The token has experienced a 15.18% increase in the last day.
Moreover, FTM has gained 27.48% over the past week. This surge in value has been accompanied by a robust daily trading volume of $284,647,380.
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FTM’s Price Surge: A Bullish Perspective
Altcoin Sherpa, a prominent crypto analyst, has highlighted the strength of FTM’s recent price action. In a tweet, he noted, “$FTM: Extremely strong moves lately.”
The analyst acknowledged that while Fantom had faced challenges recently, he still considers it a fundamentally solid project. Altcoin Sherpa pointed to the upcoming $S migration as a potential catalyst for FTM’s growth.
Moreover, he identified $0.55 as the next target area for the token. This level coincides with the 200-day Exponential Moving Average and a key support/resistance zone.
Technical Analysis Warns of Potential Pullback
Crypto_Jobs TA & FA offered a more cautious outlook on FTM’s price action. The analyst observed that FTM is consolidating below a major daily downtrend line.
However, he warned of a potential double top formation on the 4-hour chart. The analyst advised against buying FTM below the trend line and the $0.4100 mark. He anticipates a possible short-term rejection due to the double top pattern.
Crypto_Jobs TA & FA suggested that FTM might continue to consolidate and potentially revisit the $0.3750 – $0.3500 support zone.
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Potential Scenarios for FTM
Crypto_Jobs TA & FA outlined two possible scenarios for FTM’s price movement. If bears take charge, the price may dip to $0.330 in line with the 50% Fibonacci support level.
A bullish breakout above the daily downtrend line, on the other hand, would push FTM to around $0.4800 and $0.500.
Hence, while Altcoin Sherpa remains optimistic about the upward potential, pointing towards the $0.55 target, Crypto_Jobs TA & FA emphasizes caution, suggesting that traders should be wary of potential pullbacks.
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