FTM Crypto Analysis Amid SONIC Launch

The Fantom (FTM) price chart has been bullish as the Fantom Crypto has surged by 100% since November. It triggered a bullish pullback and surpassed the last swing high.

The price of Fantom (FTM) has seen a remarkable surge, rising by 100% since November. This surge has triggered a bullish pullback, pushing the price past the last swing high and reaching a multi-year high of $1.4767 on Friday (Dec 16). Buyers have also managed to defend the 20-day EMA for a week, driving the price up by 16.50% in a single day.

But what’s next for FTM crypto as SONIC is about to launch next week, which can enhance the hype around the chain launch. This development might impact the Fantom price positively, which has been wandering in a breakout zone. Let’s see how it performs after the breakout.

Analysts Suggest A Massive Bullish Move In FTM Crypto

Aqua, a crypto analyst, claims that Fantom crypto has the potential to perform bullish momentum. In a 4-H time frame, the FTM price has formed an inverted head & shoulder pattern. Besides, it was wandering in a breakout territory.

If the price triggers a breakout from the neckline, it could witness great bullish momentum. The price is expected to hit the $2 mark after a successful breakout.

The upcoming launch of SONIC might help buyers to boost the momentum. It is expected to boost the hype in the chain launch. SONIC chain is expected to be the fastest, even faster than Solana.

FTM Price Triggered A Pullback; Could It Keep Surging?

At press time, Fantom crypto was trading at $1.39, and it has dived by 2.64% over the past 24 hours. The market capitalization was $3.9 billion, and the 24-hour trading volume was $778.82 million.

Fantom price has triggered a pullback on a daily time frame and surpassed the last swing high. It has managed to defend the 20-day EMA twice a week.

If the price sustains over the $1.35 mark, it could tempt buyers. Suppose buyers show interest, the price might hit the $2 mark. Here, trading volume could work as a catalyst and boost the momentum. If the chart structure manages to invite whales, the FTM price could record a new all-time high.

On the other hand, if the digital asset price fails to receive buying pressure, sellers may dominate. Once Fantom FTM price loses the 20-day EMA, buyers might panic. At this point, profit booking could lead to a drastic fall, and a bears’ domination era can be experienced.

FTM Crypto Analysis Amid SONIC Launch

With recent bullish trends, including a notable price surge and increased trading volume, there is optimism among analysts about a possible breakout that could propel FTM toward the $2 mark. However, sustaining momentum above critical levels, such as the 20-day EMA, is crucial for avoiding a bearish reversal.

Ultimately, investor interest and market conditions will play a vital role in determining whether FTM can maintain its upward trajectory or face downward pressure. As the situation develops, monitoring buyer activity and overall market sentiment will be essential for gauging Fantom’s future performance.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.