L-1 Token Soars 17% To Outshine Bitcoin, Ethereum: Analyst Sees Price Doubling As 'Chart Looks F***Ing Great'

Fantom (CRYPTO: FTM) surged 17% in the past 24 hours, following news from the Fantom Foundation that Axelar will provide interchain communication for the platform and its associated Web3 ecosystem. 

What Happened:  FTM is outperforming apex crypto Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in top intraday gains. At the time of writing, FTM was trading at $0.49.

Crypto analyst Altcoin Sherpa said the FTM chart looks f**ing great to be honest" and if we see a 1-week close above this level, it has a chance of doubling. “Still to be determined if that is going to happen but the 1D is already looking strong.”

See More: Best Crypto Day Trading Strategies

$FTM: this chart looks fucking great to be honest; if we see a 1W close above this level, it has a chance of doubling. Still to be determined if that is going to happen but the 1D is already looking strong. #Fantom pic.twitter.com/hWRo0XPiW6

— Altcoin Sherpa (@AltcoinSherpa) January 26, 2023

Earlier last year, FTM faced a major setback when the digital token price dropped below $1 on April 25, reaching a low of $0.9896.

Price Action: BTC was trading at $22,808, down 1.50%. ETH at $1,571 down 2.68% in the last 24 hours, according to Benzinga Pro.

Read Next: Elon Musk Still Not Lovin' It? A Year Later, Mum's Still The Word On MrBeast Burger's Dogecoin Deal