Fantom (FTM) Breaks Out Of Downtrend, 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 varied on Monday, as the total crypto market cap decreased by 0.3% during the day to reach $3.1 trillion. Some market watchers have predicted a 345% surge for Fantom (FTM) before the year’s end, setting key levels for the cryptocurrency to reclaim before reaching a new all-time high (ATH).

As Sunday ended, Fantom’s price increased by 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, creating a bullish sentiment among investors.

FTM has seen a 46.6% increase in the past three months, recovering from Q3’s market crashes and challenging June’s price action. June’s horizontal resistance marks the first crucial level for the cryptocurrency, as it was a strong support area during Q1 and Q2.

Moreover, Fantom has been on a 7-month downtrend since its yearly high of $0.97, currently sitting 23% below it. Market analyst AMCrypto suggested that 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.

Chain Fantom (FTM) could see a final correction toward the $0.70-$0.72 range before rallying 35% toward “$1 and above,” according to AMCrypto.

Similarly, crypto investor Rager commented on FTM’s chart strength. 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

Analyst Altcoin Sherpa shared his thoughts on the token’s future performance. Sherpa considers that Fantom will continue “to grind higher” if Bitcoin’s price remains stable.

BTC’s movements have affected FTM’s price, losing support losing its support whenever the flagship crypto drops. However, Fantom has managed to hold above the recently reclaimed $0.74 mark as Bitcoin dropped 2.2% to the $67,000 support zone on Monday morning.

The cryptocurrency must regain the $0.75 mark to continue building on its bullish momentum and reclaim the $0.8 resistance. Turning this level into support targets a potential rise above $3.

Meanwhile, other market watchers have suggested that FTM will 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.