Crypto
analyst
Altcoin
Sherpa

has
provided
a
bullish
narrative
for

Fantom
(FTM),
suggesting
that
the
crypto
token
could
soon
make
a
significant
rally
to
the
upside.
The
analyst
also
hinted
at
how
Fantom
could
rise
when
this
happens.  

Fantom
Could
Rise
To
As
High
As
$1.2

Based
on
the
chart
Altcoin
Sherpa
shared,

Fantom

could
rise
to
as
high
as
$1.2
on
its
next
leg
up.
In
the
meantime,
the
analyst
noted
that
the
crypto
token
is

 

consolidating

at
a
key
level.
He
added
that
he
expects
Fantom
to
form
a
chop
range
between
$0.50
and
$0.70
for
a
bit,
so
that
range
could
serve
as
support
as
it
moves
to
the
upside.  

Related
Reading

Altcoin
Sherpa
sounded
optimistic
about
Fantom’s
trajectory,
stating
that
he
believes
FTM
will
still
be
a
“decent
project”
going
forward,
especially
with
the
move
to
Sonic.
In
May,
the
Fantom
Foundation

announced

plans
to
build
Sonic,
a
layer-1
blockchain
with
a
layer-2
network
that
connects
to
Ethereum. 

Crypto
analyst
Bitcoin
Ape
also
shared
a
sentiment
similar
to
Altcoin
Sherpa,

predicting

that
Fantom
could
rise
to
$1.2.
The
analyst
stated
that
FT’M’s
rally
could
happen
once
there
is
a
market
recovery,
with
Bitcoin
leading
the
way.
Specifically,
Bitcoin
Ape
highlighted
a
falling
wedge
pattern
formed
on
Fantom’s
chart,
which
showed
that
a
price
rally
was
imminent. 

Like
Altcoin
Sherpa,
Bitcoin
Ape
also
alluded
to

Fantom’s
pivot
to
Sonic

as
a
bullish
fundamental
for
the
crypto
token.
The
analyst
noted
that
Fantom
has
been
on
a
“massive
revamp
lately”
with
several
updates,
including
the
launch
of
Sonic
Labs.
He
also
mentioned
the
over
$100
million
in
$S
(Sonic’s
native
token)
airdrop,
which
could
attract
developers
and
users
to
Fantom’s
ecosystem. 

 

In
the
meantime,
Bitcoin
Ape
predicts
that
Fantom
could
experience
more
volatility
in
the
coming
days
because
it
is
currently
oversold.
However,
once
the
crypto
token
leaves
its
oversold
condition,
the
crypto
analyst
expects
that
breakout
to
happen. 

FTM
Could
Drop
To
As
Low
As
$0.45
Before
Next
Leg
Up

Crypto
analyst
Ijaz
Awan
recently

predicted

that
Fantom
could
drop
to
as
low
as
0.45
before
its
next
move
up.
He
noted
that

Bitcoin’s
weakness

is
dragging
altcoins
like
FTM
down,
which
is
why
Fantom
struggles
to
gain
momentum.
As
such,
he
predicts
that
the
crypto
token
could
experience
a
period
of
consolidation
between

$0.45
and
$0.55

before
its
next
leg
up. 

Related
Reading

However,
the
analyst
warned
that
Fantom
cannot
afford
to
lose
that
range
of
support.
He
suggested
that
a
drop
below
that
price
level
would

invalidate
his
structure

and
could
lead
to
further
price
declines
for
the
crypto
token. 

At
the
time
of
writing,
Fantom
is
trading
at
around
$0.54,
down
over
3%
in
the
last
24
hours,
according
to

 

data

from
CoinMarketCap. 

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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