Amid the ongoing crypto volatility, the altcoin market has gained significant traction over the past few days. Notably, top altcoins such as Fantom have surged ~80% over the 30 days, indicating a strong bullish outlook.
Will Fantom Price maintain its bullish price action and achieve the $2 mark this year? In this article, we have uncovered the short-term market sentiments and possible price targets of the Fantom (FTM) crypto token.
The Fantom token has added 5.34% to its portfolio in 24 hours with a trading volume of $404.112 million. Despite recording a drop of 4.76% over the past week, this altcoin has surged ~80% in 30 days and has a YTD return of 169.22%.
The Simple Moving Average (SMA) supports the Fantom price chart in the longer time frame, suggesting a strong bullish price action for the FTM crypto token.
The Relative Strength Index (RSI) records a sharp decline below the overbought range in the daily time frame. However, the average trendline continues hovering around the overbought range. This highlights a mixed price sentiment for the altcoin in the crypto market.
If the bullish sentiment intensifies, the Fantom price could retest its resistance level of $1.40 this weekend. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $1.60.
Conversely, if a trend reversal occurs, the FTM coin price could retest its support level of $1.20. Furthermore, if the bears gain dominance, this may result in this crypto token plunging toward its lower support level of $1 this month.
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If the bullish sentiment sustains, the FTM coin price could surpass the $2 mark and close the year 2024 with an annual high of $2.22.
With increased adoption, this altcoin may reach a maximum price of $11.54 during that year.
With an intraday jump of 5.34%, the FTM price is currently exchanging hands at $1.2692.
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