The Fantom token has achieved an 8-month high with its recent price surge. Notably, with a jump of ~50%, the FTM price is back under the market limelight, with many investors keeping a close eye on it.
Will the migration to Sonic (S) help the FTM price to regain momentum? Or will the altcoin continue losing momentum and erase all its monthly gains during the last month of this year? In this article, we have covered the possible short-term prospects.
With a strong bearish pullback at its important resistance level of $1, the Fantom price has dropped 1.26% in 24 hours with a trading volume of $896.48 million. However, it has surged just over 100% this year, doubling its investors portfolio.
The Relative Strength Index (RSI) records a rejection at its overbought range in the daily time frame. However, its average trendline shows a positive rise, suggesting a high possibility of a bullish reversal in the upcoming time.
Further, the EMA 50-day supports the FTM price chart, with its 200-day experiencing a constant rise. This highlights a positive outlook for the altcoin this week.
If the bulls regain momentum, the FTM coin price will retest its $1 mark this week. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $1.20 in the upcoming time.
On the contrary, if the bears outrun the bulls, the Fantom coin price will retest its support level of $0.840. Furthermore, if the bearish sentiment intensifies, this could result in the altcoin plunging toward its lower support level of $0.680 this year.
To find out when “will FTM price hit a new ATH?” Read CoinPedia’s Fantom Price Prediction and also subscribe to us to stay updated on the latest cryptocurrency news!
With a monthly surge of over 48%, this altcoin is closely being watched by crypto investors.
The Fantom token is currently exchanging hands at $0.9649 with an intraday drop of 1.08%.
For FTM to reach this target price, it will require a surge of 10,263.27% from its current trading value.
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