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A Hidden Bullish Divergence Pattern Suggests Fantom (FTM) is Poised for a Significant Price Surge
Cryptocurrency analyst Javon Marks predicts that Fantom (FTM) will experience “significant price surges” in the crypto market, despite recent downward pressure. Marks believes that the crypto market is well-positioned for a significant recovery.
Fantom’s performance has been relatively average this year, with fewer than 20% gains compared to other major altcoins like Solana and Tonco in 2016. Despite this, FTM’s price actions have been unstable lately, with the crypto rising by more than 15% in the past week and briefly topping $0.36 on 11th August.
The Hidden Bullish Divergence pattern, a technical indicator that Marks is using, indicates a directional rise in price. This pattern is created when an asset is experiencing new lows, while corresponding technical indicators such as the Relative Strength Index (RSI) are hitting higher lows. The discrepancy between the price action and the indicator hints at a possible trend reversal.
Marks anticipates that FTM may raise by as much as 234% to reach the $3 level, based on the Hidden Bullish Divergence pattern and other technical indicators that suggest the crypto is set to rise.
The recent decline in price may have appeared negative, but Marks believes that it is a short-term setback, and that the fundamental principles of FTM are still robust. He emphasizes that one of the main factors is the decrease in whale activity, which has seen fewer transactions in comparison to previous weeks. The decrease in whale activity can be seen as a positive indication, as it may suggest that large investors are gathering FTM at current prices, which could result in increased buying pressure in the near future.
Investors may be becoming more confident in their investment as they take larger positions, which could indicate a positive trend. At present, FTM is trading at $0.3393, down by 5.7% from the previous day. Although the decline may be problematic, Marks thinks that it is only a temporary correction, and the crypto market is expected to experience essentially positive growth in the near future.
The price objective of $3, or $3.0053, is based on Mark’s technical analysis and his understanding of the Hidden Bullish Divergence pattern. While Marks believes this target may seem ambitious, he is more likely than not to reach this level with FTM, given the strong fundamentals of the crypto at the heart and the current market conditions.
For more insights and information on Fantom (FTM) and the crypto market, be sure to check out CoinSeeks.com’s latest article: Fantom (FTM) Price Prediction: What’s Next for the Crypto?
Finally, while Fantom’s recent price performance has been disappointing, Mark says the cryptocurrency is on track for a massive price increase. FTM is likely to experience a significant increase in popularity, as evidenced by the Hidden Bullish Divergence pattern, reduced whale activity, and rising open interest volume. Investors should carefully research their options and consider their risk tolerance before making any investment.
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