Fantom (FTM) Attempts to Break Above Resistance Level, Targets $3 Before Token Migration

Fantom (FTM) registered a remarkable performance over the past 24 hours, attempting to break above a crucial horizontal level.

Cryptocurrency prices have taken a hit in recent months due to the broader market downturn. However, some coins have managed to hold on to their gains or even eke out some more. One such coin is Fantom (FTM), which has registered a remarkable performance over the past 24 hours, attempting to break above a crucial horizontal level. Some market watchers have forecasted a 345% surge before the year’s end but set the key levels to reclaim before FTM’s new all-time high (ATH).

FTM’s Price Breaks Out Of Downtrend As Sunday ended, Fantom’s price jumped 8.2% toward a crucial resistance level not seen in four months. The cryptocurrency neared the $0.8 mark for the second time in the last seven days, fueling a bullish sentiment among investors.

The last time FTM visited the $0.8 resistance was during June’s price action, where it served as a strong support area throughout Q1 and Q2. Moreover, Fantom has been on a 7-month downtrend since it hit its yearly high of $0.97, which puts the cryptocurrency 23% below its 2023 peak.

According to market analyst AMCrypto, the cryptocurrency’s downtrend “is now over.” The analyst noted that the token broke above the trendline after surging above the $0.74 resistance level and testing it as support over the last week.

However, he highlighted the similarities between FTM’s chart today and before Q1’s rally. As covered by AMCrypto, Fantom rose two times to the upper range of its accumulation zone and retraced before its run toward its yearly high.

To AMCrypto, this could be the final correction before FTM rallies 35% toward “$1 and above.” Similarly, crypto investor Rager commented on the strength in FTM’s chart. To the investor, the token “gives the Solana 2023 pump-like vibes,” suggesting it will “play catch up for the major chains over the next three months.”

FTM’s Price Targets $3 In the meantime, analyst Altcoin Sherpa shared his thoughts on the token’s future performance. Sherpa considers that FTM will continue “to grind higher” if Bitcoin’s price remains stable.

Throughout 2023, FTM’s price has closely followed BTC’s movements, losing its support losing its support whenever the flagship crypto drops. However, as Bitcoin dropped 2.2% to the $67,000 support zone on Monday morning, the cryptocurrency managed to hold on.

If the cryptocurrency can regain the $0.75 mark, it will continue building on its bullish momentum and attempt to finally reclaim the $0.8 resistance, turning it into support.

This level has been highlighted by several market watchers as a crucial area for FTM to hit a new ATH before its token migration. As reported by NewsBTC, Fantom is set to transition to the Sonic Network between November and December of this year.

The transition will see FTM migrating to Sonic’s native token, S, offering a 1:1 conversion ratio for FTM holders. The new cryptocurrency will have a 3.175 billion token supply like Fantom but will mint an additional 190.5 million tokens, worth 6% of the supply, six months after its launch.

At the time of writing, Fantom trades at $0.746, a 0.4% surge in the daily timeframe.