Fantom (FTM) might be up for a huge price breakout shortly after an analyst – Javon Marks – made public his prognosis of the altcoin.
Posting in X, Marks attributed this to the formation of a Hidden Bullish Divergence in the FTM chart. According to the analyst, this has the potential to cause a significant rebound in the token, including a 234% upside.
At the time of writing, FTM was trading at $0.3278, down 6.7% in the last 24 hours, but sustained a 12.7% rally in the last week, data from Coingecko show.
Early Stages Of An Uptrend
Fantom has only begun retracement, as price action has become quite cognizant with the asset. The price has experienced some swings, going down to mark a lower low, something that Marks pointed out earlier before giving a massive continuation rally. With this background, Marks assumed that FTM is probably in the early stages of an uptrend that should undo all prior losses and potentially more.
$FTM (Fantom) after recently confirming a Hidden Bullish Divergence, has retraced but has done this once before before entering a massive continuation and can be doing so again!
With this confirmation we could watch for an over 234% recovery move before a continuation towards… https://t.co/Aw7KebzRMN pic.twitter.com/ANe8biPB75
— JAVON
MARKS (@JavonTM1) August 11, 2024
Fantom Bullish Divergence
A bullish divergence in technical analysis, is where the price makes a lower low while the oscillator shows higher values. In such a scenario, there is a warning that the price of the asset is prone to reverse and always carries a hint of the weakness in the bears while cautioning that the bulls are getting stronger.
According to the technical signal of Marks, if the price plays through in the way outlined above, Fantom may explode to 234% and further. This in itself will not only be a huge bounce for the token but might be the perfect opening to shunt the token to a crucial level of $3.
Whether such recovery is in place or not remains to be seen, something that traders and investors are discussing and most are now watching closely these price fluctuations of Fantom. Since the market of cryptocurrencies is so unpredictable, any sudden move like the Hidden Bullish Divergence could help in creating major market trends with the help of this technical indicator.
Fantom Price Forecast
The altcoin has been signaling a potential uptrend that could be achieved in the next seven days. The momentum, mostly driven by buy signals which keep mounting in the key technical indicators, is already happening.
According to the price prediction data from CoinCheckup, bullish crossovers have taken place with the relative strength index pointing upwards in a direction towards overbought territory. This is a prelude to what is seen as a very strong upward push in the nearest term with respect to the price.
In three months, Fantom is forecasted to have 38.87% growth in value on the back of positive market sentiment and growing trading volumes, CoinCheckup figures show.
Supported by such historical price patterns and Fibonacci retracement levels, FTM is about to break past several key resistance levels. Further ahead, its in-one-year prediction shows a massive growth of 207%, placing the altcoin as one of the very attractive investments for people who will be looking at long-term returns.
Featured image from Entrepreneur, chart from TradingView
