Fantom (FTM) Price Breakout: Analyst Predicts 100% Surge
Crypto analyst CryptoGalaxy has identified a promising technical setup for Fantom (FTM), suggesting significant upside potential in the coming weeks. Recently shared on X, the analysis points to a falling wedge pattern that has just broken out to the upside, signaling possible gains for FTM traders.
Understanding the Falling Wedge Pattern
According to CryptoGalaxy’s chart analysis, the FTM/USDT pair has been forming a clear falling wedge pattern, which is characterized by downward-sloping trendlines that converge. This pattern typically signals weakening bearish momentum and often precedes a strong upward move.
The most notable aspect of CryptoGalaxy’s analysis is the recent breakout above the upper trendline, which has been a key indicator for a potential price surge. Currently trading around $0.76, FTM has shown impressive strength in its initial move beyond the pattern’s boundaries.
FTM Price Target and Key Levels to Watch
The technical formation suggests a conservative price target of $1.50, which is based on the traditional measurement of the wedge’s height added to the breakout point. This target represents a potential gain of nearly 100% from the current price levels.
Key Price Levels to Monitor
- Major Resistance at $1.00: The psychological $1.00 level is the first key resistance point for FTM.
- Next Resistance at $1.20: The $1.20 level is another significant barrier that could impede further price growth.
These levels may serve as temporary pause points in FTM’s upward journey towards the $1.50 target. Traders should keep a close eye on these price points as they may dictate the price movement in the short term.
Key Considerations for Traders
While maintaining a bullish outlook, it’s important for traders to watch for continued momentum above the breakout point. Any return into the wedge formation could invalidate the bullish scenario and suggest that the upward move may lose steam. Traders should monitor price action closely to adjust their strategies accordingly.
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