Fantom (FTM) has been in the spotlight as its price starts to climb again after a lengthy consolidation phase. Throughout Q4 2023, FTM showed signs of life, rallying over 500% before hitting resistance around $1.20. However, the rally was cut short by profit-taking, which caused the price to fall by about 55%, bringing it down to the $0.35 level. But with sellers appearing exhausted, the stage may be set for a potential reversal.

Key Takeaway

1. Fantom Eyes $0.460 as Key Support Level: Analysts suggest that FTM could trigger a strong bullish move if it maintains support above $0.460, especially with the hype surrounding the Sonic Upgrade.
2. Bullish Technical Patterns Emerging: A double-bottom pattern and bullish flag formation signal that FTM may be gearing up for another rally, with short-term targets around $1.23 and mid-term potential up to $3.36.
3. Sonic Upgrade Boosts Investor Confidence: The network upgrade enhances Fantom’s scalability and speed, attracting more developers and projects, which could fuel further demand for FTM tokens in the coming months.

Register now! Secure your spot to enjoy up to 100% cashback! Invite new users to reserve and share a $10,000 USDT prize pool!

Click here for more details.

Key Analyst Eyes $0.460 Support for FTM

Crypto analyst Johnny suggests that $0.460 is a crucial level to watch. According to him, once FTM sweeps liquidity below this point, a strong upward move could follow. The Sonic Upgrade also adds fuel to this bullish outlook, potentially positioning FTM as one of Q4 2024’s top-performing assets.

Is Another Rally in Sight for FTM?

Another prominent analyst, Alex Clay, highlights that FTM’s weekly chart shows a promising double-bottom pattern. 

This, coupled with the bullish flag formation during the correction phase, signals that FTM may be gearing up for a breakout. Clay predicts short-term price targets around $1.23, with mid-term goals reaching $1.77, $2.70, and $3.36.

Attention all $DOGS holders! New Launchpool is live on Bitrue. Stake $DOGS to share 50,000 $HMSTR prize pool!

How can I participate in Launchpool to earn tokens?

After completing the KYC verification, as long as your spot account has designated tokens and the balance reaches the minimum staking limited amount, you can participate, and you can redeem it at any time;

Click here for more details

Fantom Technical Analysis: Bullish Setup in Play

At the time of writing, FTM is trading at $0.562, reflecting an 8.06% increase over the last 24 hours. The market cap sits at $1.49 billion, with a 24-hour trading volume of $268.89 million. FTM’s breakout above the 200-day Exponential Moving Average (EMA) signals a potential continuation of bullish momentum. The bullish flag pattern on the daily chart further supports this.

If FTM maintains its position above the 200-day EMA and avoids re-entering the descending channel, buyers could push the price to the psychological $1 mark. Breaking through this barrier could attract even more investors, driving long-term gains.

FTM Price Targets for 2024

Short-Term Outlook

Analysts believe FTM could reach $1.23 in the near term if the current momentum holds. This level is seen as a key psychological milestone that could attract further investment.

Mid-Term Forecast

In the mid-term, FTM may target higher levels, with $1.77, $2.70, and even $3.36 as possible milestones. These predictions are contingent on continued positive sentiment and broader market conditions.

Trade & Invite your friends to earn up to 20 $USDT worth of $HMSTR

1. New users on Bitrue will receive HMSTR tokens worth 10 USDT for their first trade of any spot pair. 
2. All users who invite three new users to register on Bitrue and complete any spot trade will receive HMSTR tokens worth 10 USDT.

Click here for more details 

The Sonic Upgrade’s Impact on FTM’s Future

Fantom’s Sonic Upgrade has sparked optimism in the community by enhancing the network’s speed, scalability, and efficiency. These improvements make Fantom a more attractive platform for developers and projects, potentially driving demand for FTM tokens. This increased utility could accelerate price growth in the short and mid-term, aligning with analysts' predictions.

FAQ

Q1: What price targets should FTM investors watch in the short term?

A1: Short-term targets are $1.23, with the potential to rally higher if current momentum holds.

Q2: What is the impact of the Sonic Upgrade on Fantom’s price?

A2: The Sonic Upgrade enhances network performance, driving demand for FTM and boosting investor confidence, which could push the price higher.

Q3: Is FTM showing signs of a breakout?

A3: Yes, technical indicators like the double-bottom pattern and bullish flag suggest a potential breakout is underway.

Conclusion

Fantom appears to be on the verge of a breakout, supported by bullish technical indicators and developments like the Sonic Upgrade. If FTM can break key resistance levels, it may perform strongly for the remainder of 2024. However, market volatility persists, so keeping an eye on critical support levels is essential to avoid potential fakeouts.

FTM remains one to watch, with both technical and fundamental factors aligning for potential gains. Whether you’re looking for short-term profits or long-term growth, Fantom could be a key player as the year progresses.

Bitrue Official Website:

Website: https://www.bitrue.com/

Sign Up: https://www.bitrue.com/user/register

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.