This article is available in Spanish.
A recent technical analysis on TradingView has drawn attention to the Fantom price, with an expected 18,000% increase to $150 by 2025. Ultra-bullish forecasts are common in the crypto market, but this one is exceptionally bullish for Fantom. The technical analysis, which dates back to the crypto’s price action in late 2020, bases the ultra-bullish forecast on historical price trends and technical patterns forming on the Fantom price chart.
Anatomy of the 18,000% movement of FTM
The analyst’s forecast begins by highlighting Fantom’s significant 70% price correction from its 2021 all-time high of $3.46. Despite this, technical indicators show that investors are now adopting a bullish view on the cryptocurrency. The 10-day Fantom/TetherUS chart reveals resistance breakouts in both the price action and the RSI indicatorThis indicates a shift in momentum from bearish to bullish. Consequently, the analyst’s technical stance now indicates that a bullish reversal is underway.
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Central to the prediction is the bull flag pattern that spans Fantom’s price movements over the past three years. Notably, the recent price action has pushed Fantom price above this bull flag pattern. The analyst notes that if this pattern repeats the impulsive wave seen during Fantom’s 2021 rally, the cryptocurrency could rise another 18,000%. In 2021, this 18,000% increase caused Fantom’s price to rise from approximately $0.015 in November 2020 to $3.46 in October 2021.
Although the cryptocurrency landscape has changed since then, the analyst predicted that Fantom could repeat another 18,000% move in light of the bull flag breakout. This would translate to a price of $150 from the current price level. Such a move would undoubtedly see Fantom outperform most cryptocurrencies.
Nevertheless, the analysis emphasizes the need for patience, as corrections of up to 80% could occur during the expected climb. The confluence of multiple technical indicators, visualized by red and blue arrows on the chart below, further supports the forecast.
Key resistance levels and risk assessment
The analyst identifies $3 as the first major resistance level, highlighted by the formation of an inverse head-and-shoulders pattern. Breaking this zone would be a crucial step in validating the bullish trajectory.
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At the time of writing, Fantom (FTM) is trading at $1.03. The price movements over the past seven days have fluctuated between the top and bottom of $1.29 and $0.987 respectively. Fantom, though is still optimistic about the larger time frameas it is currently up over 61% over the past 30 days.
A projection of 18,000 from current levels would require much larger capital inflows than in 2021, when Fantom was trading around 1 cent. Regardless of how this 18,000% projection turns out, Fantom price is on track to continue its steady growth alongside the rest of the crypto market, especially like an altcoin season eventually rolls in.
Featured image created with Dall.E, chart from Tradingview.com