Recently, Guy Turner, the host of Coin Bureau’s YouTube channel, shared his bullish outlook on the Fantom (FTM) cryptocurrency. His remarks have drawn attention as Fantom aims for a spot in the top 50 by trading volume. Turner believes that based on technical analysis, Fantom could see a significant price increase.
What Does the Technical Analysis Say?
Turner highlighted that Fantom’s weekly chart is forming a peculiar head and shoulders pattern, reminiscent of the peak seen in late 2021. This pattern suggests that Fantom might have another upward movement left. According to his technical analysis, Fantom could potentially double its current price, aiming for a 98% increase.
He predicts that FTM could reach $1.60 in the short to medium term, although it may encounter resistance due to previous bull market participants. The exact future movements, however, remain uncertain.
Why Is Fantom Expected to Rise?
Turner elaborated on the factors supporting his positive outlook for Fantom. He noted that FTM has strong fundamentals, including a low price and a market cap that allows for substantial growth. Additionally, the fact that FTM’s supply has been distributed to investors and the team reduces selling pressure.
He also mentioned that the only thing missing for FTM is a narrative that individual investors can grasp and greater retail accessibility. Currently, FTM is not listed on Coinbase, but this could change with regulatory adjustments in the US.
Key Takeaways for Investors
- Fantom’s current market cap stands at $2.3 billion, ranking it 52nd in volume.
- The cryptocurrency is trading at $0.8355, reflecting a 4% rise.
- FTM has shown a 4% decline weekly but a 15% increase over the past 30 days.
- Potential short to medium-term price target is $1.60.
- Listing on major exchanges like Coinbase could significantly impact FTM’s accessibility and price.
Fantom continues to attract attention with its potential for substantial growth and its strong fundamentals, making it a cryptocurrency to watch closely in the coming months.