Fantom (FTM) might be up for a huge price breakout shortly after an analyst – Javon Marks – made public his prognosis of the altcoin.
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Posting 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 cause a significant rebound in the token, including a 234% upside.
At the time of writing, FTM was trading at $0.3278, down 6.7% in the last 24 hours, but sustained a 12.7% rally in the last week, data from Coingecko show.
Early Stages Of An Uptrend
Fantom has only begun retracement, as price action has become quite cognizant with the asset. The price has experienced some swings, going down to mark a lower low, something that Marks pointed out earlier before giving a massive continuation rally. With this background, Marks assumed that FTM is probably in the early stages of an uptrend that should undo all prior losses and potentially more.
$FTM (Fantom) after recently confirming a Hidden Bullish Divergence, has retraced but has done this once before before entering a massive continuation and can be doing so again!
With this confirmation we could watch for an over 234% recovery move before a continuation towards… https://t.co/Aw7KebzRMN pic.twitter.com/ANe8biPB75
— JAVON⚡️MARKS (@JavonTM1) August 11, 2024
Fantom Bullish Divergence
A bullish divergence in technical analysis, is where the price makes a lower low while the oscillator shows higher values. In such a scenario, there is a warning that the price of the asset is prone to reverse and always carries a hint of the weakness in the bears while cautioning that the bulls are getting stronger. In this relation, the pattern noted may lead to an even more exponential increase but at a greater rate in the case of Fantom.
According to the technical signal of Marks, if the price plays through in the way outlined above, Fantom may explode to 234% and further. This in itself will not only be a huge bounce for the token but might be the perfect opening to shunt the token to a crucial level of $3. This marks the level that has been indicated by the analyst as a level of resistance and if traders, therefore, can push past this, then the coin might as well continue to surge.
Whether such recovery is in place or not remains to be seen, something that traders and investors are discussing and most are now watching closely these…
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