Fantom (FTM) shows a strong bullish trend, maintaining higher lows, which could lead to a major breakout and significant price increase.
Market Structure Shifts to Bullish
Initially, FTM experienced a strong downtrend with sharp price declines. However, a reversal occurred; the price established a bottom and began to form higher highs and lows. This indicates a potential bullish trend. The market structure now displays successive higher highs and lows, confirming a steady uptrend. Historically, such consolidations have preceded major price increases.
Key Resistance Levels and Fibonacci Extensions
The current price hovers around $0.51100, below the projected targets. Two resistance levels stand out: the first at $2.00043 and the second at $4.87416. These areas might see price reactions as buying momentum increases. Additionally, Fibonacci extension levels align with these targets, reinforcing the possibility of further gains.
Technical Indicators Support Uptrend
The market's cyclical character is highlighted by the chart's impulse and correction waves. Currently, FTM is retreating from its prior peak and in a corrective phase. However, the dotted trendline points to a further upward move. Historically, sharp declines have led to long recovery periods followed by strong uptrends. Presently, the gradual incline suggests shifting market sentiment.
Fantom's uptrend is confirmed by the establishment of higher lows and significant resistance levels, enhancing the potential for further price increases.
