Fantom Price Rally: Could FTM Be Poised For A Breakout To $3.05?
Key Insights:
- Fantom price surged 21.64% in a week, hitting $0.50 before a slight pullback.
- Analysts foresee potential breakouts targeting $1.20, $2.50, and $3.05.
- Technical indicators suggest a neutral-to-bullish sentiment, with an RSI at 35.62.
Fantom price has recently entered a new upward trajectory, with its value increasing by 21.64% within a week before retracing. At press time, FTM price was trading at $0.53. Analysts expect an upward trend in its price to $3.05, depending on specific barriers.
Fantom Price Trends and Market Performance
Fantom price has risen sharply in recent days, surpassing the performance of most other assets. At the beginning of the week, FTM price traded at $0.50. Moving ahead, the token reached a high of $0.63 with a slight dip to the current price of $0.53.
The asset has maintained a 24-hour trading volume exceeding $134 Million. This highlighted increasing investor engagement despite prevailing concerns.
This aligns with the general market trend, with investors expecting higher volatility across Layer-1 blockchains. Nevertheless, Fantom price is below the all-time high of $3.36 amidst a bullish trend observed in October 2021.
With a market capitalization of $1.44 Billion, FTM will provide substantial value to investors interested in demand-driven blockchain projects.
Analyst Projections: Can FTM Reach $3.05?
Based on recent technical formations and investor activity, market analysts have set multiple price targets for Fantom. According to Whales_Cyptozz, FTM price is breaking out of a symmetrical triangle.
This pattern could send prices toward key levels such as $1.20, $2.50, and $3.05. If the momentum continues, this rally could provide excellent returns for investors.
Crypto analyst Investors Reality identified a multi-year trading range of $0.20 to $0.75. He emphasized $0.90 as a critical price level.
Going past this level could lead to a further increase toward $2.50. However, if resistance is not broken, it may create temporary corrections, thus delaying the arrival of the surge as expected.
Technical Indicators: Bullish or Neutral Signals?
Technical analysis indicates a moderately bullish prognosis for the FTM token. The RSI level currently stands at 35.62. This means that FTM is not yet in the overbought region, and one can still expect the price to go higher.
Meanwhile, the asset is trading near its key moving averages, which could act as support or resistance in the short term. Fantom Price is also in a bullish breakout continuation and looks set to follow through soon.
If the price breaks above the $0.75 level, it would confirm this pattern and open the way to other higher prices. However, if sellers retake control, Fantom price may return to the $0.45 region to retest the support before upward movement.
Key Factors Driving Fantom Price Movement
Developers have embraced Fantom owing to its fast speed and affordable platform costs. The recent revamp of its gas fee structure has enhanced its efficiency, making it more appealing for dApps and DeFi projects.
Market sentiment is another factor that significantly affects Fantom price trends. This is also evident where the whale’s activity and interest in Layer-1 projects may lead to its increasing demand on FTM.
Regulatory changes and macroeconomic factors could impact investor confidence. These shifts may lead to short-term volatility in the asset’s performance.
