In the last 30 days Bitcoin, Ethereum, Solana, and several other cryptocurrencies made huge gains. After reviewing the performance of these leading cryptocurrencies, a prominent trader and analyst shared a post on the X platform and drew attention to the Fantom (FTM) token. Phantomcontinues its consolidation process near the bottom.
Trader Forecast
Koinfinans.com As we reported, Trader stated that if Fantom (FTM) completes its weekly close above the $0.57 level, the price may rise to $0.87 in the coming days. However, it is currently observed that only the leading cryptocurrencies are showing impressive performance and altcoins have been less active in recent days. However, in the coming days, these less active altcoins are expected to experience a significant increase.
A determining factor in price movement is whether there is an upward trend and investor interest. Without these elements, a significant increase in the price of the token is uncertain.
According to expert technical analysis, Fantom’s FTM token on the weekly timeframe is trading at a solid resistance level around $0.57. While FTM tokens have bounced back from this resistance level several times before, the current overall market sentiment is bullish, with Bitcoin heading towards a new all-time high. If the FTM token breaks this level, it could see a rally and a significant rise in price to $1.09 as it would represent a resistance level beyond $0.57.
Phantom Technical Analysis and Key Levels
In addition to this strong resistance level, when examining the FTM token on a weekly time frame, it is currently showing two bullish price action patterns: a reversal head and shoulders formation and a bullish cup and handle pattern. Following the breakout of these formations, FTM may experience major upward momentum.
Currently FTM is trading around $0.48. It has experienced an upward momentum of over 8% in the last 24 hours. altcoin When its performance is monitored over a longer period of time, it is evident that the FTM price has increased by over 20% in the last 7 days, and has experienced an upward momentum of over 26% in the last 30 days. Following this significant price increase, 24-hour volume has also increased by 10% and is currently hovering around $138 million.
