Fantom (FTM) Price Breaks Out: Top Analyst Predicts ~100% Surge Based on This Analysis

Crypto analyst CryptoGalaxy has shared a technical analysis for Fantom (FTM), suggesting a potential ~100% surge based on a bullish chart setup.

The analysis pertains to a falling wedge pattern that has just broken out to the upside. According to the chart analysis shared by CryptoGalaxy, the FTM/USDT pair has been forming a clear falling wedge pattern, denoted by converging downward-sloping trendlines. This pattern usually signifies weakening bearish momentum and often precedes a strong upward move.

The most notable aspect of CryptoGalaxy’s analysis is the recent clean breakout above the upper trendline. Currently trading around $0.76, FTM has shown remarkable strength in its initial move beyond the pattern’s boundaries.

FTM Price Target and Key Levels to Watch

The technical formation suggests a conservative price target of $1.50, basing this projection on the traditional measurement of the wedge’s height added to the breakout point. This target represents a potential gain of close to 100% from current levels.

CryptoGalaxy also highlights several critical price points that traders should keep an eye on. The first major resistance is encountered at the psychological $1.00 level, followed by another significant barrier at $1.20. These levels could serve as temporary pause points in FTM’s journey toward the target.

While maintaining a bullish outlook, traders will need to watch for continued momentum above the breakout point, as any return into the wedge formation could invalidate the bullish scenario.

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