Altcoin Sherpa crypto Analyst has provided a bullish narrative for Phantom (FTM)suggesting that the crypto token could soon stage a significant rally to the upside. The analyst also hinted at how Fantom could surge higher when this happens.
Fantom could rise to $1.2
According to the chart shared by Altcoin Sherpa, Ghost It could rise to $1.2 in its next bullish leg. Meanwhile, the analyst noted that the crypto token is consolidating at a key level. He added that he expects Fantom to form a range-bound between $0.50 and $0.70 for a while, so that range could serve as support as it moves higher.
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Altcoin Sherpa was optimistic about Fantom's trajectory and stated that he believes FTM will continue to be a “decent project” in the future, especially with the move to Sonic. In May, the Fantom Foundation Announced plans to build Sonic, a layer 1 blockchain with a layer 2 network that connects to ethereum.
crypto analyst bitcoin Ape also shared a similar sentiment as Altcoin Sherpa. x.com/bitcoinape_/status/1806386718053994676″ rel=”nofollow”>predicting Fantom could rally as high as $1.2. The analyst claimed that FT'M's rally could occur once there is a market recovery, with bitcoin leading the way. Specifically, bitcoin Ape highlighted a falling wedge pattern formed on Fantom's chart, which showed that a price rally was imminent.
Like Altcoin Sherpa, bitcoin Ape also alluded to Fantom's turn towards Sonic as a bullish fundamental for the crypto token. The analyst noted that Fantom has been on a “massive revamp lately” with several updates, including the launch of Sonic Labs. He also mentioned the more than $100 million airdrop of $S (Sonic's native token), which could attract developers and users to the Fantom ecosystem.
Meanwhile, bitcoin Ape predicts that Fantom could see more volatility in the coming days because it is currently oversold. However, once the crypto token breaks out of its oversold condition, the cryptocurrency analyst expects that breakout to occur.
FTM could fall to $0.45 before the next leg higher
Cryptoanalyst Ijaz Awan recently x.com/realijazawan/status/1806320670126846293″ rel=”nofollow”>foretold that Fantom could fall as low as 0.45 before its next bullish move. He pointed out that bitcoin/” rel=”nofollow”>The weakness of bitcoin is dragging altcoins like FTM down, so Fantom is struggling to gain momentum. As such, he predicts that the crypto token could experience a period of consolidation between $0.45 and $0.55 before your next leg.
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However, the analyst warned that Fantom cannot afford to lose that support range. He suggested that a drop below that price level would be invalidate its structure and could lead to further price drops for the crypto token.
At the time of writing, Fantom is trading at around $0.54, down more than 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
