The cryptocurrency market is abuzz with speculation about Fantom (FTM) after a prominent analyst, Javon Marks, issued a bullish prediction. According to Marks, a technical indicator known as the Hidden Bullish Divergence suggests that FTM is poised for a substantial price increase, potentially as high as 234%.
Marks, who boasts a strong following on social media, highlighted the recent price action of Fantom and its resemblance to previous patterns that preceded significant rallies. This, combined with the appearance of the bullish divergence, has led the analyst to conclude that FTM could be in the early stages of a bullish breakout.
A bullish divergence occurs when the price of an asset makes a new low while a momentum indicator, such as the Relative Strength Index (RSI), forms a higher low. This discrepancy between price and momentum can signal a potential reversal of the downtrend.
If Marks’ analysis proves accurate, FTM could not only recover its recent losses but also surge to a crucial resistance level of $3.0053. Breaking through this level would open the door for even higher price targets, potentially reigniting interest in the Fantom ecosystem.
Also Read: Fantom (FTM) Crashes 20% In 24 Hours – Holders Wipe Out $2.16M
While technical analysis can be a valuable tool for traders, it’s essential to approach such predictions with caution. The cryptocurrency market is highly volatile, and past performance is not indicative of future results.
As the cryptocurrency community eagerly watches Fantom’s price movements, the coming days will be crucial in determining whether the bullish divergence will translate into a sustained uptrend.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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