Is Fantom Crypto On The Verge of a Major Breakout: Here’s Why FTM Price Will Explode

Renowned blockchain analyst Altcoin Sherpa has lit a fire under investors this week with his bullish take on Fantom crypto (FTM).

Sherpa is calling for a rally that could push Fantom’s price to $1.2 from $0.45 today.

According to Altcoin Sherpa, if FTM finds solid ground between $0.50 and $0.70, it will set the stage for a big upward move.

It’s not looking pretty, however, with Fantom down 14.69% on the day.

Fantom Crypto’s Future Potential: 5x or Down Further?

Sherpa’s bullishness follows Fantom’s upgrade to Sonic, a new system rolled out by the Fantom Foundation in May. Sonic, a layer-1 blockchain, is backed by a layer-2 network that interacts with Ethereum.

Echoing this optimism, crypto analyst Bitcoin Ape also predicts Fantom could hit $1.2, banking on a general market rebound led by Bitcoin.

“A falling wedge pattern on Fantom’s chart suggests a price rally might be imminent,” Bitcoin Ape remarked.

We have been here before $FTM

Only the strong will survive! pic.twitter.com/ct2giF6WLP

— fantom alerts (🚨,🚨) (@FTMAlerts) July 3, 2024

Both analysts also are pointing to recent developments such as the launch of Sonic Labs and a substantial $100 million airdrop of $S, Sonic’s native token.

These updates are set to lure developers and users to Fantom, boosting its growth.

Still, Bitcoin Ape warned of heightened volatility in this market, which turned out to be more spot-on as the entire crypto market is down 5.98% on the day.

Cautionary Notes About Fantom

Ijaz Awan, another crypto analyst who made a more accurate prediction for the crypto markets, expects a short-term drop for Fantom to $0.45 before it rebounds, citing Bitcoin’s lethargy affecting altcoins like FTM.

“Expect Fantom to settle between $0.45 and $0.55 before climbing,” Awan noted.

He warns that a fall below this band could undermine Fantom’s stability and trigger a bigger drop.

Currently, Fantom crypto trades at $0.46, down 14% in 24 hours, according to CoinMarketCap.

During this consolidation phase, analysts are staying positive. With the Chang hard fork and Sonic on the horizon, Fantom is poised for a breakout when the market turns around.

Explore: IDO Meaning in Cryptocurrency? What Is an IDO? Also Discover 2 Biggest IDOs of June 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Read more