Almost the past 24 hours, the price of the cryptocurrency Fantom (FTM) has increased by over 30%. As many important altcoins are printing green candles on the price charts, euphoria and enthusiasm have returned to the cryptocurrency markets.
Which other altcoins are looking promising for the upcoming few months, and will Fantom (FTM) continue to pump?
Price Analysis of FTM on Weekly Chart
The price of Fantom (FTM) cryptocurrency has been fluctuating sideways between $0.19 and $0.28 for a few weeks. Fantom (FTM) has experienced good price momentum over the past few hours, and its current value is $0.264.
It is believed that there may be a decent chance for a comeback by the following crypto bull run, even though Fantom (FTM) cryptocurrency is still down more than 90% from the all-time high established in October 2021.
The values at which Fantom (FTM) is currently trading are reminiscent of those that prevailed between May and July of 2021, just prior to the main parabolic bull run.
This may indicate that the cheap price of Fantom (FTM) cryptocurrency at the moment is a significant buy zone and may perform well when held for a long time until the next crypto bull run.
The graph up top shows a crucial purchasing area where Fantom (FTM) cryptocurrency found support in July 2021. Whales or retail investors may have found it appealing to dollar cost average in at this particular price level.
The cryptocurrency Fantom (FTM) may be developing a double bottom reversal pattern, which is normally bullish and calls for a significant increase in price when the neckline (resistance) is broken.
As we can see, FTM printed another swing-low down into the purchase zone in September after being rejected at the $0.418 resistance level previously.
It's possible to assume that Fantom (FTM) and the bullish emotion surrounding it will provide enough traction to raise the price back up to the neckline's double bottom at $0.417.
The likelihood that the price of a certain commodity or security will surpass a resistance level increases as the level is tested more frequently.
In the coming weeks or months, the price of Fantom (FTM) cryptocurrency could surge to approximately $0.61 if the neckline is broken.
Of course, how people feel about the entire blockchain sector and the course of Bitcoin will determine this.
Fantom (FTM) cryptocurrency now has a market capitalization of $671 million, according to Coinmarketcap. Although it don't seem it will have any significant changes this year, we might still see a 5–10x increase from present prices, which may be between $1.50 and $3, by the next bull run.
