Fantom Price Prediction: Newfound momentum suggests FTM is on its way to $1
|- Fantom price is up 18% this week.
- FTM is on pace to rally toward $0.71.
- The uptrend would end if wave one at $0.26 is breached.
Fantom price displays strong bullish-retaliation signals. Traders should keep their eye on the smart contract token as it seems poised to rally considerably.
Fantom price points north
Fantom price is up 18% after enduring last week's largest mudslide of the year. The 18% decline witnessed earlier in February was catalyzed from the $0.56 resistance level. However, the bulls have gained enough momentum to challenge this barrier.
Fantom price currently auctions at $0.55. The bulls have hurdled both the 8-day exponential and 21-day simple moving averages, a signal for day traders to look for before entering the market.
A Fibonacci projection tool surrounding the beginning stages of the winter rally into the deepest correction shows a 2.618 Fib level at $0.70. During the last week of January, the bulls fell just short of tagging the barrier, missing it by only 6%. If market conditions are generally as bullish as they seem, the newfound momentum should enable an accomplished second attempt at the $0.77 barrier. Furthermore, FTM can rally as high as $1.00 if the first target is hurdled. The bullish scenario creates the potential for a 70% increase from Fantom's current market value.
Invalidation of the uptrend will occur if the bears breach the previous swing high at $0.26. This would alter the wave structure of Fantom, making it more of a corrective structure rather than impulsive. If the breach occurs, a sweep-the-lows event would be possible, targeting the 2022 low at $0.16. The bears would accomplish a 70% decline if successful.
This video shows how Bitcoin price moves could affect Fantom price
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