Fantom (FTM) Price Pumps: ‘There’s a Lot to Like,’ Says Elite Crypto Analyst

Fantom is one of those altcoins that has been performing impressively during this bull cycle. Altcoin Sherpa and Santiment have updated their outlooks

Altcoins have been surging as Bitcoin price stalls. One coin that has been rallying relentlessly is Fantom (FTM). The token has surged over 60% in the past six days. Now, crypto analysts are sharing their perspectives on the FTM price pumps.

Accredited crypto analyst Altcoin Sherpa has shared his latest analysis on Fantom price. The pseudonymous analyst points out that FTM has been accumulating for a long time.

After a successful breakout from the consolidation range, the next potential target for Fantom price is in the $2.50–$3.00 range. However, the analyst notes that the rate at which FTM is surging might be unsustainable.

A closer examination of the FTM price reveals a consolidation phase that spanned over two years. During this period, the token price traded steadily within a trading range bounded by $0.1940 on the lower end and $0.5222 on the upper end. This consolidation phase is characterized by low volatility and consistent trading volume.

The analysis aligns with the Wyckoff accumulation theory, which suggests that smart money gradually builds up positions over a prolonged period before a potential breakout occurs. The $0.1940 level marks a strong historical low and serves as a robust long-term support zone.

The price broke through the mid-range support of $0.5222, which signaled a potential bullish trend reversal. Currently, the Fantom price is testing the resistance zone at $1.1335, a level that previously acted as support during its parabolic run in late 2021.

The recent price action shows an increase in volume during the breakout, which confirms the growing bullish sentiment. If FTM breaks through the resistance at $1.1335, the next potential target could be in the $2.50–$3.00 range.

This breakout suggests that Fantom is aligning with the broader market cycle, where altcoins tend to follow Bitcoin’s macro trend. As Bitcoin price stalls after a strong rally, altcoins are surging. This phenomenon is largely attributed to the risk-on sentiment among traders.

Cryptocurrency analytics platform Santiment also covered the rapid ascent of Fantom price in its analysis. The platform notes that the token has surged an impressive 63% in just six days. Commencing the week at around $0.70, the coin price quickly ascended to highs of $1.10.

This rapid appreciation is accompanied by a notable increase in network activity, particularly in daily active addresses.

However, analysts note that such spikes in activity often correlate with market tops. The surge in daily active addresses suggests growing speculative interest, potentially driven by the Fear of Missing Out (FOMO).

Interestingly, the data suggests that investors should monitor the potential decline in active addresses as a signal for re-entry at lower prices. This strategy could provide an opportunity for a more calculated market entry.

Several fundamental aspects continue to support Fantom’s positive narrative. The involvement of developer Andre Cronje lends credibility to the project. The Sonic rebrand and reduced venture capital sell pressure have positioned FTM favorably in the competitive crypto landscape.