Popular analyst LaCryptoLycus shared on X that Fantom (FTM) price has recently shown bullish momentum. The analyst noted FTM’s “perfect” bounce within an ascending wedge, suggesting the cryptocurrency could soon target the $0.84 level.
Cryptocurrency prices have been volatile over the past year, and Fantom (FTM) is no exception. After hitting an all-time high of $3.41 in April 2021, FTM’s price took a downturn, reaching a low of $0.15 in June 2022. However, the asset has since shown signs of recovery, and is currently trading at $0.68.
Several technical indicators suggest that FTM’s price could be poised for further gains in the coming weeks. One key indicator is the asset’s recent bounce off the lower boundary of an ascending wedge. This pattern, when combined with an earlier breakout from a descending wedge, typically indicates a bullish trend for the asset in question.
In the case of FTM, the ascending wedge’s support line has acted as a firm base for the price, allowing it to recover from previous dips and push higher. This upward movement hints at a possible continuation of bullish momentum, as long as FTM maintains its position above the support line.
Another technical aspect to consider is the presence of clear support and resistance levels on FTM’s journey. A key support level at $0.63 has provided a solid foundation for recent price action, holding the price up through recent fluctuations. Additionally, the lower trendline within the ascending wedge offers further support, acting as a dynamic level to prevent downward movement.
On the resistance side, LaCryptoLycus, a popular crypto analyst on X, has identified $0.84 as an immediate target, which could be the first significant barrier. Beyond this, resistance at $1.00 serves as a psychological and technical milestone, with $1.20 emerging as a potential higher target if bullish momentum persists.
Overall, FTM’s technical chart and key levels indicate a promising setup, with the cryptocurrency’s next milestones dependent on its ability to maintain support and break through resistance. Traders will continue monitoring these zones for signs of sustained bullishness.
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