Fantom (FTM) could be in for a massive price rally soon after analyst Javon Marks made his prediction for the altcoin public.
In an entry on X, Marks attributed this to a Hidden Bullish Divergence formation on the FTM chart. According to the analyst, this has the potential to trigger a significant bounce for the token, including a 234% enhance.
At the time of writing this text, FTM was traded at 0.3278 USDfell 6.7% in the past 24 hours but maintained a 12.7% gain over the past week, data from Coingecko shows.
Early stages of an uptrend
Phantom has only just begun to pull back as price action has become quite aware of the asset. Price has experienced some volatility, falling to mark a lower low, which Marks noted earlier before reporting a massive continuation of the rally. With this in mind, Marks assumed that FTM is likely in the early stages of an uptrend that should erase all prior losses and potentially more.
$FTM (Phantom) recently confirmed a hidden bullish divergence and pulled back, but it did so before entering a powerful continuation and it could do so again!
With this confirmation, we can expect a bounce of over 234% before continuing towards… https://t.co/Aw7KebzRMN photo: twitter.com/ANe8biPB75
— JAVON⚡️MARKS (@JavonTM1) August 11, 2024
Phantom bullish divergence
A bullish divergence in technical analysis is a situation where the price makes a lower low while the oscillator is showing higher values. In such a scenario, there is a warning that the asset price is prone to a reversal and always carries a sign of weakness for the bears while warning that the bulls are getting stronger.
According to Marks’ technical signal, if the price continues to develop in the manner described above, Fantom could explode to 234% and beyond. This in itself would not only be a huge bounce for the token, but could be the perfect open to push the token to the key $3 level.
Whether such a revival will happen or not remains to be seen, as traders and investors are discussing the issue, with most of them closely watching the price fluctuations of Fantom. Since the cryptocurrency market is so unpredictable, any sudden move like Hidden Bullish Divergence can lend a hand create major market trends with the lend a hand of this technical indicator.
Fantom price forecast
The altcoin is signaling a potential uptrend that could be reached in the next seven days. The momentum, driven primarily by buy signals that continue to rise in key technical indicators, is already happening.
According to the price forecast data from Coin checkBullish crossovers have taken place and the Relative Strength Index is pointing up towards overbought territory. This is a prelude to what is seen as a very robust upside push in the near term for price.
According to CoinCheckup data, Fantom’s value is expected to enhance by 38.87% within three months thanks to positive market sentiment and increasing trading volumes.
Supported by such historical price patterns and Fibonacci retracement levels, FTM is on the verge of breaking through several key resistance levels. Further, its forecast for the year shows a massive 207% enhance, which makes the altcoin one of the very attractive investments for those looking for long-term gains.
Featured image from Entrepreneur, chart from TradingView
