Fantom (FTM) has recently shown positive momentum in its price analysis, drawing attention from traders and analysts. Let’s explore the current position and prospects of this cryptocurrency.
Fantom Chart Analysis: Strong Bounce from Ascending Wedge Support
The FTM chart shows a recent bounce off the lower boundary of an ascending wedge. This pattern, alongside a previous breakout from a descending wedge, hints at a bullish trend for the asset. The ascending wedge’s support line has acted as a firm base for FTM's price, allowing it to recover from previous dips and push higher.
Key Support and Resistance Zones
FTM has formed clear support and resistance levels on its journey. The key support level at $0.63 has provided a solid foundation for recent price action. On the resistance side, analyst LaCryptoLycus identified $0.84 as an immediate target. Beyond this, resistance at $1.00 serves as a significant milestone, and $1.20 could emerge as a potential higher target if bullish momentum persists.
Analyst’s Take on FTM’s Trajectory
LaCryptoLycus’s tweet underscores confidence in FTM’s upward path, emphasizing the asset’s recent bounce off ascending wedge support. The analyst suggests that $0.84 could be reached soon, reflecting optimism based on current technical structures.
FTM's recent price movement and key levels indicate a promising setup, with the cryptocurrency's next milestones dependent on its ability to maintain support and break through resistance, warranting careful observation from traders.
