The Fantom (FTM) price is up over 7% today, reaching the $1 mark. Analyst 'Rose Premium Signals' posted a viral FTM chart to his 71k followers on X, formerly Twitter.
Current Situation Analysis
The Fantom chart shows a symmetrical triangle pattern with converging trendlines, which indicates a period of consolidation before the recent breakout. Currently, FTM is retesting the breakout level, serving as a crucial support zone. A successful bounce from this area would validate the triangle breakout and could attract more buyers to the market. The 0.618 and 0.786 Fibonacci retracement levels are particularly noteworthy, aligning perfectly with the current support zone.
Targets and Resistance Levels
The analysis highlights several key price targets that traders are watching. The first significant resistance is at $1.7149, coinciding with previous swing highs. Beyond this, two higher targets at $2.2738 and $2.7721 align with Fibonacci extension levels and historical resistance points. The analyst also notes a $3.20 resistance zone for Fantom, though this falls slightly outside the chart’s visible range.
Potential Market Shifts
Currently, the FTM price has pulled back to the 0.618 Fibonacci level after a strong rally. While the recent large bearish candle shows some selling pressure, the price remains above critical support. The area near the 0.618 Fibonacci level is proving to be a strong support zone, and maintaining this level would keep the bullish outlook intact. However, if the Fantom price drops below the 0.786 Fibonacci level, it could signal a shift in market direction.
The symmetrical triangle breakout suggests the potential start of a new trend, though the recent sharp correction indicates that buyers need to step in and defend the current support zone for the bullish momentum to continue.
