SONIC Chain About To Launch: Can It Lift Fantom Crypto To $3 Mark

• The trading volume of Fantom Crypto has increased by 170%, indicating new players’ engagement.
• Its MACD has triggered a golden crossover with the Signal line.

The Fantom (FTM) price chart has been bullish as the Fantom Crypto has surged by 100% since November. It triggered a bullish pullback and surpassed the last swing high.

The FTM price recorded a multi-year high of $1.4767 today (Dec 16). Buyers have managed to defend the 20-day EMA in a week and have surged by 16.50% in a day.

SONIC is about to launch next week, which can enhance the hype around the chain launch. This development might impact the Fantom price positively, which has been wandering in a breakout zone. Let’s see how it performs after the breakout.

Analysts Suggest a Massive Bullish Move in FTM Crypto

Aqua is a crypto analyst claiming that Fantom crypto has the potential to perform bullish momentum. In a 4-H time frame, the FTM price has formed an inverted head & shoulder pattern. Besides, it was wandering in a breakout territory.

If the price triggers a breakout from the neckline, it could witness a great bullish momentum. The price is expected to hit the $2 mark after a successful breakout.

SONIC is likely to launch next week, which could help buyers to boost the momentum. It is expected to boost the hype in the chain launch. SONIC chain is expected to be the fastest, even faster than Solana.

FTM Price Triggered a Pullback; Could It Keep Surging?

Fantom crypto was trading at $1.39 at press time, and it has dived by 2.64% over the past 24 hours. The market capitalization was $3.9 billion, and the 24-hour trading volume was $778.82 million.

Fantom price has triggered a pullback on a daily time frame and surpassed the last swing high. It has managed to defend the 20-day EMA twice a week.

If the price sustains over the $1.35 mark, it could tempt buyers. Suppose buyers show interest, the price might hit the $2 mark. Here, trading volume could work as a catalyst and boost the momentum. If the chart structure manages to invite whales, the FTM price could record a new all-time high.

On the other hand, if the digital asset price fails to receive buying pressure, sellers may dominate. Once Fantom FTM price loses the 20-day EMA, buyers might panic. At this point, profit booking could lead to a drastic fall, and a bears’ domination era can be experienced.

FTM Crypto Analysis Amid SONIC Launch

The upcoming launch of the SONIC chain has the potential to influence the price of Fantom crypto significantly. With recent bullish trends, including a notable price surge and increased trading volume, there is optimism among analysts about a possible breakout that could propel FTM toward the $2 mark. However, sustaining momentum above critical levels, such as the 20-day EMA, is crucial for avoiding a bearish reversal.

Ultimately, investor interest and market conditions will play a vital role in determining whether FTM can maintain its upward trajectory or face downward pressure. As the situation develops, monitoring buyer activity and overall market sentiment will be essential for gauging Fantom’s future performance.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.