Fantom’s FTM price pumped 15% last week and is now trading around $0.5. What can be particularly encouraging for FTM holders is that the price is defying the broader crypto market downturn today as it pumped 3.5% in the last 24 hours.
World Of Charts, a trader we like to cover a lot recently due to his high-quality chart analysis, posted a viral FTM price prediction earlier today.
Technical Analysis: Descending Broadening Wedge
The FTM chart shows that token has been trading within a descending broadening wedge pattern, a bullish continuation setup. This structure is characterized by two diverging trend lines, with the price action forming lower highs and lower lows.
Typically, this pattern signifies volatility, and when the price breaks out of the wedge, it often leads to a strong upward move.
Soruce: X/@WorldOfCharts1
The FTM price is currently testing a key resistance zone around $0.50 – $0.56, which corresponds to a region it has struggled to break above in previous attempts, notably in July.
This area needs to be cleared for a bullish breakout. Additionally, the upper line of the wedge acts as trendline resistance, which the price will need to break above to confirm a breakout from the wedge pattern.
Read also: XRP Massive Price Pump ‘Is On The Way’ Says Analyst
Fantom (FTM) Price Targets
The trader suggests that once the price breaks out of the wedge and clears the resistance zone, the next Fantom price target could be $1+. This is a reasonable target, considering the measured move from the wedge’s breakout could push the price to previous highs around $1.00 or beyond.
The upward projection sketched on the chart indicates a bullish trajectory once the breakout occurs, suggesting a significant move upward after consolidation within the wedge is complete.
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FTM has been consolidating in the $0.50 to $0.56 range for some time. This consolidation within the wedge pattern is typical before a breakout, and the recent 3% pump today along with a 15% increase in the past week indicates that bullish momentum might be building.
The combination of the descending broadening wedge and resistance at $0.56 suggests that if FTM can break out of the wedge with strong volume, it could initiate a significant bullish move. The immediate resistance lies at $0.56, which is both the upper trendline and horizontal resistance. If broken, the breakout target of $1.00+ aligns with historical price levels and a measured move projection.
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