Fantom (FTM) Price Surge: Key Chart Pattern Sparks Analyst Interest

Fantom (FTM) Price Surge: Key Chart Patterns and Targets to Watch

The Fantom (FTM) price has surged over 7% today, currently trading at exactly $1. This price movement caught the attention of crypto analysts, particularly after “Rose Premium Signals” shared a viral FTM chart with his 71k followers on X (formerly Twitter).

Fantom’s Symmetrical Triangle Pattern

The chart analysis reveals a clear symmetrical triangle pattern, with converging trendlines, indicating a period of consolidation before the recent breakout. At this point, FTM is retesting the breakout level, which now serves as a crucial support zone. A successful bounce from this area would validate the triangle breakout and could attract more buyers to the market.

In this analysis, the Fibonacci retracement levels play a pivotal role. The 0.618 and 0.786 retracement levels (represented by green and light blue horizontal lines on the chart) align perfectly with the current support zone. These levels are significant, often acting as reversal points during price retracements.

Key Price Targets for Fantom

Traders are keeping an eye on several key price targets for Fantom. Here are the key levels to watch:

• $1.7149 – The first significant resistance level, coinciding with previous swing highs.
• $2.2738 – A higher target aligned with Fibonacci extension levels.
• $2.7721 – Another significant resistance point based on historical price action.
• $3.20 – A potential resistance zone, though this falls slightly outside the chart’s visible range.

Fantom’s Current Price Action and Market Outlook

Currently, the FTM price has pulled back to the 0.618 Fibonacci level after a strong rally. While a recent large bearish candle indicates some selling pressure, the price remains above critical support. The area near the 0.618 Fibonacci level is proving to be a strong support zone. If this level holds, it would maintain a bullish outlook for Fantom’s price.

However, if Fantom’s price falls below the 0.786 Fibonacci level, it could signal a shift in market direction. The symmetrical triangle breakout suggests that a new trend might be starting, but the recent sharp correction highlights the importance of buyers stepping in to defend the current support zone to keep the bullish momentum intact.