FTM Price Breaks Out: Is Recovery Ahead?

Fantom (FTM) Price Gains Momentum in Q4 2023

In Q4 2023, the price of Fantom (FTM) started to gain bullish momentum, recovering from a strong consolidation phase. By the last week of March, the price had surged more than 500%, but the bullish trend encountered resistance near the $1.20 mark.

However, in the last week of March, the momentum shifted towards sellers. Massive profit-taking occurred, and the FTM price began declining through a descending channel, losing around 55%. Despite this, sellers appeared to exhaust near the $0.3500 level, signaling a potential reversal.

Analyst Identifies $0.460 as a Key Level

Cryptocurrency analyst Johnny (@CryptoGodJohn) suggests that the FTM price could see significant upside after sweeping the liquidity below the $0.460 mark. The Sonic Upgrade has fueled hype, which could be a driving force for renewed bullish momentum.

If this scenario plays out, FTM could become one of the top performers of Q4 2024, potentially outperforming other cryptocurrencies.

Is FTM Ready for a Bullish Move?

Alex Clay (@cryptclay), another prominent crypto analyst, tweeted that the FTM price chart looks poised for a bullish move. On the weekly timeframe, the price has formed a double-bottom pattern, signaling a possible end to its correction phase.

During this phase, FTM formed a Bullish Flag pattern under key moving averages. A successful breakout could see the price hitting short-term targets of $1.23, and potentially $1.77, $2.70, and $3.36 in the mid-term.

Technical Analysis of Fantom Price on a 1-Day Time Frame

As of the time of writing, FTM was trading at $0.562, with an 8.06% increase in the past 24 hours. The market capitalization stood at $1.49 billion, and the 24-hour trading volume reached $268.89 million.

FTM has formed a bullish flag on the daily chart, triggering a breakout. During this breakout, the price crossed above the 200-day EMA, while trading volume surged by 28%.

• If the FTM price continues to stay above the descending channel, it could attract more buyers, pushing the price toward the psychological level of $1.
• Exceeding this $1 mark may invite more investors, leading to sustained bullish momentum over the next few months.

Alternatively, if the FTM price forms a negative candlestick and falls below the 200-day EMA, buyers could panic. A re-entry into the descending channel could signal a fakeout, prompting sharp selling pressure.

Technical Outlook

The technical charts indicate potential for bullish momentum. Analysts are optimistic, with short-term targets of $1.23 and mid-term targets ranging from $1.77 to $3.36.

For continued bullish momentum, it’s crucial that FTM stays outside the descending channel and exceeds the psychological $1 level. However, risks remain, such as the possibility of a fakeout if the price re-enters the channel.

Monitoring the price movement closely will be key to understanding the next phases of FTM’s price action.