![Fantom [FTM] crypto price prediction: Why $1.6 is near](https://i.headtopics.com/images/2024/12/16/cryptoamb/fantom-ftm-crypto-price-prediction-why-1-6-is-near-fantom-ftm-crypto-price-prediction-why-1-6-is-near-0CB45604DEEF33C0834589C9AB188BE4.webp)
Fantom price prediction showed that FTM could target $1.5 and clear $1.6 roadblock ahead of Sonic upgrade.
Besides, the new token, Sonic , will be swapped 1:1 to FTM to maintain value. Will the new narrative boost the token’s value?On the 3-day chart, FTM defended the March highs of $1.2 as support and was in a bullish market structure. This could embolden bulls to eye upside targets at $1.6 or $2.38.
The RSI climbed to the overbought territory, underscoring strong demand for FTM in the past few days. The positive inflows, as shown by the CMF , could further indicate demand for FTM.In the past 10 trading days, whales holding 10M-100M FTM acquired 24M tokens. But another whale cohort holding 1M-10M tokens has been selling.
The 10M-100M whale wallets held nearly 500M FTM, twice as much as the 1M-10M whale wallets, which had 210M tokens. In the meantime, the liquidation heatmap showed massive short liquidations at $1.5 and long liquidations at $1.38. In most cases, price action always follows liquidity.So, through liquidity sweep, FTM’s price might tap both liquidity areas. If that’s the case, a clearance of the $1.6 roadblock could only be possible through a short squeeze above $1.5.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionBenjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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