Fantom (FTM) Price Gearing for A 200% Price Rally Above This Breakout Level

Fantom, the DAG-based smart contract platform, has recently been on investors’ radar with native cryptocurrency FTM making strong moves. The Fantom (FTM) price is already up by 32% over the last week and currently trading at $0.54.

Key Fantom (FTM) Price Levels to Watch

As of press time, the Fantom (FTM) price is trading at $09.5446 with a market cap of $1.526 billion. Based on the technical chart set up for FTM, popular crypto analyst Ali Martinez suggests that the FTM price can rally another 200% from the current levels.

In a recent analysis, crypto expert Ali Martinez has identified a potential bullish pattern on the weekly chart of Fantom ($FTM). According to Martinez, the chart is showing signs of forming a “W” pattern. The crucial confirmation for this bullish development, as per the analyst, would be a sustained weekly close above $0.57. If this level is achieved, Martinez suggests that Fantom could experience an upward trajectory, aiming for a target price of $1.60. Investors and traders are advised to monitor the weekly close for confirmation of this potential bullish trend on the Fantom chart.

Following a notable surge of 32.8% in the past week, Fantom ($FTM) successfully breached the resistance level at $0.47, reaching a current price of $0.50. Crypto analyst Ali Martinez suggests that the previously challenging $0.47 resistance has now transformed into a support zone for Fantom.

Martinez further anticipates a clear upward trajectory for $FTM, targeting $0.66. Notably, the analyst acknowledges the potential for the price to extend even higher in the short term. Investors are advised to monitor the evolving dynamics of Fantom as it navigates these crucial price levels.

FTM On-Chain Indicators

In terms of technical analysis, the potential exists for Fantom ($FTM) to approach the $1 mark, contingent on the ongoing trend in Accumulation/Distribution (A/D) indicators. As of the current moment, the A/D has experienced an increase to 4.09 million, signaling a notable uptick in buy orders for FTM. Examining the H4 FTM/USD chart reveals a strong bullish dominance in the market structure.

Nevertheless, the Moving Average Convergence Divergence (MACD) suggests a slight deceleration in bullish momentum. Consequently, there is a likelihood that FTM may experience a retracement to $0.50 before resuming its upward trajectory. Traders are advised to remain vigilant and monitor the market conditions for potential price adjustments.

With FTM’s Weighted Sentiment registering at 3.13, it indicated a prevailing bullish sentiment among traders at the present moment. Notably, the Exchange Outflow surpassed the Exchange Inflow. Also as per as per  Santiment’s data, the Exchange Inflow measured 19.20, while the Exchange Outflow reached 367,000.

This discrepancy suggests a greater inclination among investors to retain FTM rather than engage in significant token sales. Looking ahead, the likelihood of a sharp decline or substantial selling pressure for FTM seems low. Consequently, traders might find favorable entry points around $0.50 before witnessing a potential surge in the token’s value.