Fantom Soars: Could FTM Hit $5 Next?

Fantom Price Surges Above Key Resistance: Can FTM Hit $5 Soon?

The price of Fantom (FTM) has broken through a significant weekly resistance level, signaling strong bullish momentum. According to top analyst Jelle, who shared insights on X (formerly Twitter), FTM recently surpassed its 2024 highs and continues to push upward. This breakout, if sustained, could propel FTM’s price to around $5 by the end of the current cycle.

A detailed chart accompanying Jelle’s analysis sheds light on the recent price action and technical trends driving FTM’s upward momentum. Below, we explore the key developments fueling this surge.

Key Resistance Level Broken

FTM’s price has closed above a critical weekly resistance zone that has historically acted as a major barrier. This level, highlighted as a shaded horizontal area on the chart, aligns with past price peaks during previous rallies.

Breaking above this zone—especially surpassing the 2024 highs—marks a pivotal moment for FTM. The move suggests heightened buying interest and stronger market participation. Analysts are now monitoring whether FTM can maintain its position above this breakout level in the coming weeks, which could pave the way for continued gains.

FTM Chart Analysis: Bullish Indicators

The technical analysis of FTM’s price action reveals two significant peaks:

• The first peak occurred during the broader crypto rally in late 2021 to early 2022.
• The second peak, in 2023-2024, established a key resistance level just below the current breakout.

Weekly moving averages further support the bullish outlook. Key indicators, such as the 50-week and 200-week moving averages, show an upward curve, with the price consistently trading above these levels. This trend reinforces the potential for sustained bullish momentum.

FTM’s support levels, particularly in the $0.20 to $0.30 range during 2023 consolidation, played a crucial role in the current breakout. A successful retest of this range provided a solid foundation for the upward move. While specific volume data is not displayed, the chart signals robust market sentiment driving FTM’s breakout.

Price Projection to $5: Aiming for Historical Highs

Jelle’s projection of a $5 price target aligns closely with FTM’s historical highs achieved in 2021. If the bullish momentum persists, intermediate resistance levels at $2.50 to $3.00 could act as stepping stones toward this ambitious target.

For traders, the key factor to watch is whether FTM maintains its position above the breakout zone. Sustaining this level would further confirm the trend and strengthen the case for a continued rally.