Fantom (FTM) may be in for a massive price breakout soon after an analyst – Javon Marks – made public his forecast on the altcoin.
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Writing this 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 spark a significant recovery for the token, including a 234% increase.
At the time of writing, FTM was trading at $0.3278down 6.7% in the past 24 hours, but rallying 12.7% in the past week, Coingecko data shows.
Early stages of an uptrend
Fantom has only started retracement as the price action has become quite aware of the asset. The price has undergone some swings and dropped to mark a lower low, something Marks previously pointed out before giving a huge follow-on rally. With this background, Marks assumed that FTM is likely in the early stages of an uptrend that should reverse all previous losses, and possibly even more.
$FTM (Fantom), after recently confirming a hidden bullish divergence, has pulled back, but has done so once before before entering a huge continuation and may do so again!
With this confirmation, we can expect a recovery move of over 234% before a continuation towards… https://t.co/Aw7KebzRMN pic.twitter.com/ANe8biPB75
— JAVON⚡️MARKS (@JavonTM1) August 11, 2024
Phantom bullish divergence
A bullish divergence in technical analysis is where price makes a lower low while the oscillator shows higher values. In such a scenario, it warns that the price of the asset is prone to reversal and always carries a hint of the bears’ weakness, while warning that the bulls are getting stronger.
According to the Marks technical signal, Fantom could explode to 234% and beyond if the price continues in the manner described above. This in itself will not only be a huge rebound for the token, but could also be the perfect opening to take the token to a crucial $3 level.
Whether or not such a recovery is in place remains to be seen, something traders and investors are debating and most are now keeping a close eye on these Fantom price swings. Since the cryptocurrency market is so unpredictable, any sudden move like the Hidden Bullish Divergence could help create major market trends using this technical indicator.
Fantom price prediction
The altcoin signals a potential uptrend that could be achieved in the next seven days. The momentum, driven mainly by buy signals that continue to rise in key technical indicators, is already underway.
According to the price forecast data of CoinCheckupbullish crossovers have occurred with the relative strength index pointing up towards the overbought area. This is a prelude to what is seen as very strong short-term upward pressure on price.
Fantom is predicted to have a value growth of 38.87% within three months thanks to positive market sentiment and growing trading volumes, according to CoinCheckup figures.
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Supported by such historical price patterns and Fibonacci retracement levels, FTM is on the verge of breaking several key resistance levels. Moving on, the one-year forecast shows a massive growth of 207%, making the altcoin one of the very attractive investments for those looking at long-term returns.
Featured image of Entrepreneur, chart from TradingView
