CandleFocus Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop?
2024-10-22
Author: Content Editor
Fantom (FTM) has shown strong performance over the past 24 hours, with the potential for a significant surge before the end of the year. The cryptocurrency has reached a crucial resistance level and is nearing the $0.8 mark, leading to a bullish sentiment among investors. Despite being on a downtrend for the past 7 months, some market analysts believe that the downtrend is now over. There are similarities between FTM's chart now and before a previous rally, suggesting the potential for a correction before a further rally towards $1 and beyond. If Bitcoin's price remains stable, Fantom is expected to continue its upward trajectory. Reclaiming the $0.75 mark and turning it into support could lead to a rise above $3. Additionally, FTM is set to transition to the Sonic Network, which could drive the token to a new all-time high. At the time of writing, Fantom is trading at $0.746.
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