{"id":731,"date":"2024-10-22T08:00:18","date_gmt":"2024-10-22T08:00:18","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/analyst-says-fantom-ftm-downtrend-is-over-is-1-the-next-stop\/"},"modified":"2024-10-22T08:00:18","modified_gmt":"2024-10-22T08:00:18","slug":"analyst-says-fantom-ftm-downtrend-is-over-is-1-the-next-stop","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/analyst-says-fantom-ftm-downtrend-is-over-is-1-the-next-stop\/","title":{"rendered":"Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop?"},"content":{"rendered":"

Fantom (FTM) registered a remarkable performance over the past 24 hours, attempting to break above a crucial horizontal level. Some market watchers forecasted a 345% surge before the year\u2019s end but set the key levels to reclaim before FTM\u2019s new all-time high (ATH).<\/p>\n

Fantom Breaks Out Of Downtrend<\/h2>\n

As Sunday ended, Fantom\u2019s price jumped 8.2% toward a crucial resistance level not seen in four months. The cryptocurrency neared the $0.8 mark for the second time in the last seven days, fueling a bullish sentiment among investors.<\/p>\n

FTM has registered a 46.6% increase in the past three months, recovering from Q3\u2019s market crashes and challenging June\u2019s price action. June\u2019s horizontal resistance marks the first crucial level for the cryptocurrency, as it was a strong support area during Q1 and Q2.<\/p>\n

Moreover, Fantom has been on a 7-month downtrend since its yearly high of $0.97, currently sitting 23% below it. Market analyst AMCrypto suggested<\/a> that the cryptocurrency\u2019s downtrend \u201cis now over.\u201d<\/p>\n

The analyst noted that the token broke above the trendline after surging above the $0.74 resistance level and testing it as support over the last week. However, he highlighted the similarities between FTM\u2019s chart today and before Q1\u2019s rally.<\/p>\n

\"Fantom\"<\/p>\n

Fantom rose two times to the upper range of its accumulation zone and retraced before its run toward its yearly high. To AMCrypto, FTM could see a final correction toward the $0.70-$0.72 range before rallying 35% toward \u201c$1 and above.\u201d<\/p>\n

Similarly, crypto investor Rager commented<\/a> on FTM\u2019s chart strength. To the investor, the token \u201cgives the Solana 2023 pump-like vibes,\u201d suggesting it will \u201cplay catch up for the major chains over the next three months.\u201d<\/p>\n

FTM\u2019s Price Targets $3<\/h2>\n

Analyst Altcoin Sherpa shared<\/a> his thoughts on the token\u2019s future performance. Sherpa considers that Fantom will continue \u201cto grind higher\u201d if Bitcoin\u2019s price remains stable.<\/p>\n

BTC\u2019s movements have affected FTM\u2019s price, losing support losing its support whenever the flagship crypto drops. However, Fantom has managed to hold above the recently reclaimed $0.74 mark as Bitcoin dropped 2.2% to the $67,000 support zone on Monday morning.<\/p>\n

The cryptocurrency must regain the $0.75 mark to continue building on its bullish momentum and reclaim the $0.8 resistance. Turning this level into support targets a potential rise above $3.<\/p>\n

Meanwhile, other market watchers reported by NewsBTC, Fantom is set to transition to the Sonic Network between November and December of this year.<\/p>\n

The transition will see FTM migrating to Sonic\u2019s native token, S, offering a 1:1 conversion ratio for FTM holders. The new cryptocurrency will have a 3.175 billion token supply like Fantom but will mint an additional 190.5 million tokens, worth 6% of the supply, six months after its launch.<\/p>\n

Fantom trades at $0.746, a 0.4% surge in the daily timeframe at the time of writing.<\/p>\n

\"Fantom,<\/p>\n","protected":false},"excerpt":{"rendered":"

Fantom (FTM) registered a remarkable performance over the past 24 hours, attempting to break above a crucial horizontal level. Some market watchers forecasted a 345% surge before the year\u2019s end but set the key levels to reclaim before FTM\u2019s new all-time high (ATH). Fantom Breaks Out Of Downtrend As Sunday ended, Fantom\u2019s price jumped 8.2%…<\/p>\n","protected":false},"author":1,"featured_media":732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[65,73,114,250,267,72,719,720,721,722,723,724,725],"class_list":["post-731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-market","tag-crypto-trader","tag-cryptocurrency-market-news","tag-fantom","tag-fantom-bullish","tag-fantom-sonic","tag-ftm","tag-ftmusdt","tag-s-token","tag-sonic-network-upgrade"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=731"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/732"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}