Promising boost: Popular cryptocurrency poised to double

The price of popular altcoin Fantom (FTM) may have begun the final chapter of a major bullish move after completing a short-term correction.

FTM Ascension Movement

Since its all-time high in January 2022, the FTM price has fallen below the descending resistance line. The economic downturn caused the cryptocurrency to drop to $0.164 in November 2022, thereby breaking the $0.20 support area. However, it turned out to be a diversion, and the Phantom’s price has since gone up.

The RSI had a bullish divergence before moving higher. Also, the indicator is currently above 50, which could be another sign of an uptrend. The price increase continued to work, taking it as high as $0.655 in January. The crypto’s price subsequently bounced off the $0.39 horizontal area, forming a long lower shadow and confirming it as support.

If FTM continues to rise, the next closest resistance could be at $1.15. On the other hand, a close below $0.39 could lead to a decline towards $0.20. The daily time frame chart is in line with the weekly readings, which may support a continuation to the upside. According to analysts, there are several reasons for the move.

Boost Login FTM

First, the price seems to have completed its fourth retracement after bouncing off the resistance line of the previous ascending channel. Second, the daily RSI breaks through 50. Finally, the price of the FTM token is breaking above the short-term descending resistance line. According to experts, the cryptocurrency may confirm this breakout process in the next 24 hours.

On the other hand, a fourth wave below $0.30 could invalidate this bullish forecast. In this case, the FTM price may drop to $0.20 again. Therefore, the most likely FTM price prediction is a rise to at least $0.87 and possibly even $1.15-$1.22. This scenario could be invalidated on a break below $0.30 and the FTM price could drop to $0.20.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Mehmet Çağrı Tunç, without permission, may not be reproduced

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