Fantom (FTM) Price Set to Soar—Here’s Why!

Fantom (FTM) Price Eyes Breakout: Key Resistance and Catalysts

Fantom (FTM) is showing signs of a potential breakout as traders closely watch a critical resistance level. Popular trader Jacob Canfield shared his technical analysis on X, suggesting that FTM could enter price discovery mode if it clears this key hurdle. Adding to the momentum, the timing aligns with the highly anticipated $SONIC launch, boosting bullish sentiment.

Fantom Chart Analysis: Critical Resistance Zone

FTM’s price chart highlights a significant resistance zone formed at the base of a bearish impulse. This level has repeatedly rejected upward attempts in the past, signaling strong selling pressure. A red horizontal box marks this resistance area, where sellers have consistently defended their positions.

• Higher Lows Forming: Despite the resistance, the current trend shows higher lows, suggesting that buyers are gaining control.
• Momentum Building: The upward trajectory indicates increasing demand as the price consolidates near resistance.
• 4-Hour Close Crucial: Traders are watching for a 4-hour candle close above this resistance level, which could trigger accelerated buying.

Should FTM clear this zone, it could enter price discovery mode, potentially driving the price into uncharted territory with minimal resistance.

Strong Support and Liquidity Sweep

The chart also reveals a key support zone at the base of a previous bullish impulse. This area, marked in green, represents a liquidity sweep, where stop losses were likely cleared before the price reversed upward.

Key takeaways from this support zone:

• Liquidity Sweep: Stop-loss clearing indicated strong buying interest at the support level.
• Firm Demand Zone: The reversal established this area as a solid base for upward movement.
• Consolidation Near Resistance: Price consolidation suggests indecision but often acts as a precursor to a breakout.

The consistent bullish pressure near resistance reflects traders’ confidence in an upward continuation once the critical resistance zone is breached.

$SONIC Launch: A Major Bullish Catalyst

Trader Jacob Canfield emphasized that the timing of the $SONIC launch aligns perfectly with FTM’s bullish technical setup. Events like these often act as catalysts, sparking increased buying activity and positive sentiment across the market.

The synergies between the $SONIC launch and FTM’s technical positioning include:

• Heightened Market Interest: The launch brings attention to FTM, attracting new buyers.
• Increased Momentum: Positive sentiment can add fuel to the ongoing bullish setup.

Conclusion: Key Breakout Zone to Watch

As FTM approaches this critical resistance zone, traders are closely monitoring for a decisive 4-hour candle close above the bearish impulse base. A confirmed breakout at this level could drive the price into price discovery mode, leading to swift upward movement.

With the $SONIC launch acting as a strong catalyst, FTM is at a pivotal juncture, and a breakout could open the doors to significant gains for the token.