• 17 July, 2024
Market News Price Analysis

Arbitrum, Fantom, and Pyth Network: Analysts Predict Bullish Trends

Arbitrum, an Ethereum layer-two (L2) scaling solution, shows signs of a promising uptrend. According to a recent post by the crypto analyst from World of Charts, Arbitrum’s price trajectory could significantly rise. The analysis detailed a falling wedge pattern formed after a prolonged downtrend from early 2024 until mid-June.

This bearish phase saw Arbitrum consistently hitting lower support levels. However, a notable reversal occurred in late June, sharply increasing the price trajectory. The new pattern featured ascending green candlesticks, indicating increased buying activity and market confidence.

As of the reporting time, Arbitrum is priced at $0.714087 and has a daily trading volume of $233,501,535. The digital asset has climbed 5.27% in the last 24 hours and is now holding the 35th spot on CoinMarketCap with a market capitalization of $2,307,635,255.

Crypto analysts posit that if this bullish trend persists, Arbitrum’s price could easily reach the $2 mark in the near future, making it a key cryptocurrency to watch. This analysis serves as a bullish forecast for traders and investors looking for potential growth opportunities in the crypto space.

Fantom (FTM) recently showcased a promising trend on the crypto charts, indicating growth potential. A recent analysis by crypto analyst WorldOfCharts1 reveals a bullish shift for FTM. The currency demonstrated a strong recovery, moving out of a descending channel, which could signal the start of a bullish phase.

This change was marked by a breakout from a falling wedge, a pattern typically followed by upward price movement. The chart displayed a significant increase, setting a new trajectory towards a robust gain. WorldOfCharts1 predicts a potential price surge of up to 154.63% to $1 from the current level, positioning FTM for an impressive rally if it breaks through key resistance levels.

Fantom’s current price is $0.490108, up 9.73% in the last 24 hours. Its market cap is approximately $1.37 billion, placing it 58th on CoinMarketCap’s rankings. The chart highlights a crucial support zone, which is vital for sustaining this upward momentum, underscored by a purple circle.

Pyth Network (PYTH), recently analyzed by crypto expert Captain Faibik, shows promising signs of an imminent uptrend. The descending channel pattern noted since March might reverse soon. PYTH’s value has fluctuated significantly, finding potential support at around $0.30.

The analysis highlights a critical moment where PYTH appears to be breaking from the descending trendline. This could signal a bullish reversal, projected to push prices between $0.46 and $0.50. Such an increase would mark up to a 69% gain. 

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The market data at press time supports this positive outlook. PYTH’s price is $0.306108, marking a 3.11% rise over the last 24 hours. With a market cap of approximately $1.1 billion, Pyth Network ranks 65th on CoinMarketCap.

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