Fantom (FTM) has shown impressive growth in the last 24 hours as it seeks to surpass a significant horizontal threshold. Some analysts project a possible 345% increase by year-end, but they emphasize the necessity for FTM to reclaim key levels before achieving a new all-time high (ATH).
Fantom Shows Signs of Breaking Out
As the weekend concluded, Fantom’s price experienced an 8.2% increase, approaching a vital resistance level that hasn’t been encountered in four months. The cryptocurrency is nearing the $0.8 milestone for the second time within a week, generating a positive sentiment among investors.
In the past three months, FTM has experienced a 46.6% growth, bouncing back from the market declines of Q3 and challenging the price trends seen in June. The resistance from June is critical as it represents a significant support zone during the first two quarters of the year.
Additionally, Fantom has followed a downward trend for seven months since its yearly peak of $0.97, currently existing 23% below that mark. Market analyst AMCrypto indicated that the cryptocurrency’s downtrend “has officially concluded.”
According to the analyst, the token has surpassed the trendline after breaching the $0.74 resistance level and converting it into support over the past week. He also noted the resemblance in FTM’s current chart patterns to those observed prior to the rally in Q1.
Fantom has previously approached the upper limit of its accumulation zone twice, retreating before making a move towards its annual peak. To AMCrypto, FTM may experience one last correction in the $0.70-$0.72 range before soaring 35% towards “$1 and beyond.”
In a similar vein, crypto investor Rager commented on the robust performance of FTM’s chart. The investor believes that the token “exudes the vibes of Solana’s 2023 surge,” implying it will “catch up with major cryptocurrencies over the next three months.”
FTM Sets Its Sights on $3
Analyst Altcoin Sherpa shared his insights regarding the token’s potential future performance. Sherpa believes that Fantom will continue “to move higher” provided Bitcoin’s price remains stable.
FTM’s price has historically reacted to BTC’s fluctuations, losing support during BTC’s declines. However, Fantom has managed to stay above the recently regained $0.74 level even as Bitcoin declined by 2.2% to enter the $67,000 support area on Monday morning.
For Fantom to sustain its bullish momentum and reclaim the $0.8 resistance, it must first regain the $0.75 level. Holding this threshold could pave the way for a potential rise past $3.
Meanwhile, several market analysts anticipate that FTM will reach a new ATH prior to its token migration. As reported by NewsBTC, Fantom is expected to transition to the Sonic Network between November and December this year.
This transition will involve FTM migrating to Sonic’s native token, S, with a 1:1 conversion ratio for existing FTM holders. The new cryptocurrency will feature a total supply of 3.175 billion tokens like Fantom, with an additional 190.5 million tokens, accounting for 6% of the supply, minted six months post-launch.
Currently, Fantom is trading at $0.746, reflecting a daily increase of 0.4% at the time of this writing.
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