Fantom Price Eyes To Hit $2 With A Breakout Rally Next Week?
Amid continued volatility in cryptocurrencies, the altcoin market has gained significant traction over the past few days. Notably, top altcoins such as Fantom surged around 80% in 30 days, indicating a strong outlook.
Will Fantom Price maintain its bullish price action and reach the $2 mark this year? In this article, we reveal the short-term market sentiment and possible price targets for the Fantom (FTM) crypto token.
FTM price forms an upward channel pattern!
Fantom token increased by 5.34% in 24 hours with a trading volume of $404,112. Despite falling 4.76% over the past week, the altcoin has surged around 80% in 30 days, giving it a year-to-date return of 169.22%.
The Simple Moving Average (SMA) is supporting the Fantom price chart on the longer time frame, indicating strong price action for the FTM crypto token.
The relative strength index (RSI) fell sharply below the overbought range on the daily time frame. However, the average trendline continues to hover near overbought territory. This highlights the mixed price sentiment for altcoins in the cryptocurrency market.
How high will FTM prices go?
If bullish sentiment intensifies, Fantom price may retest the $1.40 resistance by the end of the week. Sustaining prices above this level could set the stage for the altcoin to move toward a higher price target of $1.60.
Conversely, if a trend reversal occurs, FTM token price may retest the $1.20 support. Furthermore, if bears take over, this could lead to the crypto token falling to lower support at $1 this month.
Find answers to questions like “Will Fantom hit $10?” read our Virtual price prediction. Also, subscribe to CoinPedia to stay up to date on the latest cryptocurrency news!
FAQ
If the bullish sentiment persists, the FTM token price could break through the $2 mark and end 2024 with a yearly high of $2.22.
As adoption increases, the altcoin could reach a peak price of $11.54 that year.
FTM price rose 5.34% intraday and is currently trading at $1.2692.