Fantom (FTM) Price Spike: Key Insights and Chart Analysis
With growing indications of a potential price surge, Fantom (FTM) has captured the attention of both traders and the broader crypto community. The cryptocurrency has been performing well recently, maintaining a stable range and showing signs that it may continue its upward momentum.
Analyst Mammon (@D_DTRADING) recently shared his thoughts on X (formerly Twitter), suggesting that FTM’s price could be setting up for significant gains, provided certain conditions are met.
Fantom Chart Analysis: Trading Within a Key Range
According to Mammon, FTM has been trading within a broad price range, with support around $0.50 and resistance near $0.76. The price has been fluctuating between these levels, creating opportunities for both buyers and sellers.
- Support Level: $0.50
- Resistance Level: $0.76
Fantom is currently trading in what Mammon refers to as the “premium section” of this range, which typically indicates a more expensive trading zone. The analyst believes there is further potential if the price remains in the current demand zone, situated between $0.61 and $0.66.
- Demand Zone: $0.61 – $0.66
Historically, buyers have stepped in when FTM enters the demand zone, and this recent price movement suggests the possibility of a rebound. This zone will be crucial in determining whether FTM can sustain its bullish momentum.
PO3 Formation: A Potential Bullish Signal
Mammon has also identified the potential for a Power of Three (PO3) formation developing on the FTM chart. This pattern typically consists of three phases:
- Accumulation: Buyers enter the market near the demand zone.
- Manipulation: A brief dip or consolidation phase.
- Distribution: A rally as price targets higher resistance levels.
If FTM respects the demand zone, this pattern could unfold, signaling a further upward move.
Clean Triggers Set for a Potential Breakout
Mammon has set price alerts for specific triggers, closely monitoring the FTM price for signs of a bullish breakout. According to his analysis, if the current setup holds, FTM could rise toward or beyond the $0.76 resistance level.
The Fibonacci expansion levels on the FTM chart also suggest potential upward targets, providing traders with a clearer view of where the price might head next if the bullish trend continues.
This aligns with Mammon’s forecast, which indicates that Fantom’s price could be gearing up for a breakout, provided the demand zone holds and triggers align.
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