Fantom (FTM) Is Currently Facing Turmoil in the Market

Despite these short-term setbacks, there is yet plenty of optimism for FTM’s future. A lot of analysts are still very confident about the long-term prospects of the token

Fantom (CRYPTO: FTM) has seen better days in the market. The token took a hit this week, decreasing 8% in value. In the last 24 hours, FTM dropped 5%, currently trading at $1.21.

Additionally, the trading volume of FTM decreased by 29% in the last 24 hours.

However, zooming out, FTM had an incredible run, increasing 76% in value over the last 30 days. This showcases the strong momentum of the token earlier this month, despite the recent downturn.

Despite these short-term setbacks, there is yet plenty of optimism for FTM’s future. A lot of analysts are still very confident about the long-term prospects of the token, going to the extent of suggesting that the recent price decline might have been a mere setback.

FTM Set For Breakout, Eyes $15 Target

One crypto analyst, Alex Clay, has a particularly bullish outlook on Fantom, calling its macro chart one of the most promising in the market.

He pointed out that FTM is forming a broadening wedge pattern, which is one of the strongest types of uptrend. According to Clay, FTM is still in its third bullish leg, suggesting significant upside potential.

Clay believes FTM will see some consolidation in the near future, fluctuating between 0.236 and 0.382 Fibonacci retracement level, but it will not be able to sustain, and a breakout will occur that could take FTM to much higher levels.

With that, Clay has set some ambitious price targets for Fantom: $5.59, $8.92, and $12.26, a suggestion that FTM could see massive gains when market conditions stabilize and the trend goes fully bullish.

In line with Clay’s analysis, another crypto expert, Captain Faibik, also holds a very optimistic view of FTM’s future.

He advises FTM holders to be patient and not get stressed about the movement that happens in the short term.

Instead, he suggests investors should sit back, relax, and enjoy the ride because the long-term prospects of Fantom remain solid. He has set a long-term price target of $15 for FTM, further reinforcing the confidence in the token’s future.