Fantom (FTM) Price Pumps After the Crash, But Where Is It Headed Next?

Fantom (FTM) has surged by around 17% today, ranking among the top crypto gainers. This sharp increase has interested of analysts, including Altcoin

Fantom (FTM) has surged by around 17% today, ranking among the top crypto gainers. This sharp increase has garnered the attention of several analysts, including Altcoin Sherpa and Crypto_Jobs TA & FA, who have offered differing outlooks on FTM’s near-term prospects.

While Altcoin Sherpa anticipates further growth, Crypto_Jobs TA & FA cautions against a potential pullback and consolidation. At press time, Fantom trades at $0.4613, according to CoinGecko data. The token has experienced a 15.18% increase in the last day.

FTM has gained 27.48% over the past week. This surge in value is accompanied by a robust daily trading volume of $284,647,380.

FTM’s Price Surge: A Bullish PerspectiveAltcoin Sherpa Highlights Strength in FTM’s Recent Price ActionProminent crypto analyst Altcoin Sherpa has highlighted the strength of FTM’s recent price action. In a tweet, he noted, “$FTM: Extremely strong moves lately.”

The analyst acknowledged that Fantom has faced challenges recently, but he still considers it a fundamentally solid project. Altcoin Sherpa pointed to the upcoming $S migration as a potential driver for FTM’s growth.

Moreover, he highlighted the next target area for the token to be around $0.55. This level coincides with the 200-day Exponential Moving Average and a key support/resistance zone.

Technical Analysis Warns of Potential PullbackCrypto_Jobs TA & FA Offers a More Cautious Outlook on FTM's Price ActionThe analyst observed that FTM is consolidating below a major daily downtrend line. However, he warned of a potential double top formation on the 4-hour chart.

The analyst advised against buying FTM below the trend line and the $0.4100 mark. He anticipates a possible short-term rejection due to the double top pattern.

Crypto_Jobs TA & FA suggested that traders might expect FTM to continue consolidating and potentially revisit the $0.3750 – $0.3500 support zone.

Potential Scenarios for FTMOutlined by Crypto_Jobs TA & FAIf bears take charge, the price may dip to $0.330 in line with the 50% Fibonacci support level. A bullish breakout above the daily downtrend line, on the other hand, would push FTM to around $0.4800 and $0.500.