Fantom (FTM) has put in a remarkable performance over the past 24 hours, trying to break above a crucial horizontal level. Some market watchers forecast a 345% increase before the end of the year, but identified key levels that would need to be recovered before FTM’s new all-time high (ATH).
Fantom breaks out of the downtrend
Late Sunday, Fantom’s price rose 8.2% to a crucial resistance level not seen in four months. The cryptocurrency approached the $0.8 mark for the second time in the past seven days, fueling bullish sentiment among investors.
FTM has registered a 46.6% gain over the past three months, recovering from the third quarter market crashes and challenging June’s price action. June’s horizontal resistance marks the first crucial level for the cryptocurrency as it was a strong support area during the first and second quarters.
Moreover, Fantom is in a seven-month downtrend since the yearly high of $0.97, and is currently 23% below it. Market analyst AMCrypto suggested that the cryptocurrency’s downward trend is “now over.”
The analyst noted that the token broke above the trendline after rising above the $0.74 resistance level and testing it as support over the past week. However, he highlighted the similarities between today’s FTM chart and before the first quarter rally.
Fantom rose to the upper range of its accumulation zone twice and turned back before heading to its annual high. According to AMCrypto, FTM could see a final correction towards the $0.70-$0.72 range before rising 35% towards “$1 and above”.
This also applies to crypto investor Rager commented on the card strength of FTM. For the investor, the token “gives a pump-like vibe to the Solana 2023,” suggesting it will “catch up to the major chains in the next three months.”
FTM’s price targets are $3
Analyst Altcoin Sherpa shared his thoughts on the future performance of the token. Sherpa believes Fantom will “continue to grind higher” if Bitcoin’s price remains stable.
BTC’s movements have affected the price of FTM, causing it to lose support and lose its support when the flagship crypto falls. However, Fantom has managed to stay above the recently regained $0.74 mark as Bitcoin fell 2.2% to the $67,000 support zone on Monday morning.
The cryptocurrency needs to regain the $0.75 mark to continue building on its bullish momentum and regain the $0.8 resistance. By converting this level into support, a potential rise above $3 is targeted.
Meanwhile, other market watchers suggested that FTM will reach a new ATH before the token migration. As reported by NewsBTC, Fantom will move to the Sonic Network between November and December of this year.
The transition will see FTM migrate to Sonic’s native token, S, which offers a 1:1 conversion ratio for FTM holders. The new cryptocurrency will have a supply of 3.175 billion tokens like Fantom, but will mint another 190.5 million tokens six months after launch, worth 6% of the supply.
Fantom is trading at $0.746, up 0.4% in the daily time frame at the time of writing.
