In Q4 2023, the Fantom (FTM) price started gaining bullish momentum and recovered from the strong consolidation phase. It rose more than 500% till the last week of March till the bullish trend was interrupted near the $1.20 mark.
In the last week of March, the momentum shifted towards sellers, with massive profit bookings witnessed. The FTM price has declined through a descending channel and has lost around 55%. However, the sellers seemed exhausted near the $0.3500 hurdle and a reversal scenario has been generated.
Analyst Claims $0.460 is the Sweet Spot
Johnny (@CryptoGodJohn), a cryptocurrency analyst, claimed that the FTM price might shoot up once it sweeps the liquidity below the $0.460 mark. The Sonic Upgrade has triggered hype which could be a key factor for the bullish momentum.
If the above scenario is accomplished, the FTM crypto could become the top performer of Q4 2024.
Is FTM Price Ready to Fly?
Alex Clay (@cryptclay) tweeted that the FTM price chart looks awesome and has the potential for a bullish move. In weekly time fame, the price formed a double bottom pattern and underwent a correction phase. During the correction phase, the Fantom crypto price formed a Bullish Flag pattern in the shadow of key moving averages.
After the successful breakout, the FTM crypto is expected to achieve its short-term target of $1.23. It may go for the $1.77, $2.70, and $3.36 in the mid-term.
Technical Analysis of Fantom Price Over 1-D Time Frame
When writing, the Fantom crypto was trading at $0.562, having surged 8.06% over the past 24 hours. The market capitalization was $1.49 Billion and the 24-hour trading volume was $268.89 Million.
The FTM price has shaped a bullish flag on a daily time frame and has triggered a breakout. During the breakout, the Fantom price exceeded the 200-day EMA, and trading volume increased by 28%.
If the FTM price stays away from the channel, it could invite buyers which may trigger bullish momentum. The price may extend to the psychological level of $1 in a single spike. Exceeding this mark may invite investors and may perform positively for the next few months.
Alternatively, if the digital asset price forms a negative candlestick and slips below the 200-day EMA, buyers might panic. If the price renters the channel, it could be a fakeout and sharp selling can be seen further.
Technical Analysis
The charts suggest there is potential for a bullish momentum. Analysts are predicting a positive outlook for the FTM crypto, with potential short-term targets of $1.23 and mid-term targets of $1.77, $2.70, and $3.36.
Technical analysis also suggests the possibility of a bullish breakout, especially if the price stays away from the channel and exceeds the psychological level of $1.
However, it’s important to monitor the price movement closely and consider risks, such as a fakeout if the price re-enters the channel.