Fantom (FTM) is showing promising signs of a potential rally, according to an analysis by crypto analyst Captain Faibik. The token, which has been trading within a descending wedge pattern for several months, broke through a key resistance level, indicating a possible shift in momentum.
Based on the positive signals on the chart, Captain Faibik advises Fantom could shortly hit or exceed its all-time high.
Furthermore, Captain Faibik’s chart analysis of Fantom reveals that the crypto has broken out from a descending wedge formation. Usually interpreted as a sign of a positive turnaround, this pattern indicates that the past declining trend has lost strength.
$FTM Looks Pretty Solid for Another Bullish Rally..!!Expecting New All time High very Soon..#Crypto #FTM #FTMUSDT pic.twitter.com/UUp0aoCtsH
— Captain Faibik (@CryptoFaibik) October 8, 2024
The breakout occurred when FTM’s price pushed above the wedge’s upper boundary, a strong indication that buying pressure is beginning to outpace selling.
This breakout marks a potential turning point for Fantom, which had been trading in a confined range for some time. With the resistance level breached, the outlook for FTM appears positive, supporting the idea of a sustained rally in the coming days or weeks.
Analyst’s Target Range for FTM Price
The price target range identified by Captain Faibik in his analysis is around $1.60 and $1.70. This projection represents a notable increase from current levels. If Fantom continues to build on its recent breakout, hitting this target could be within reach.
The analyst’s prediction is backed by the chart’s bullish momentum, with the green box highlighting the potential price zone FTM might aim for soon.
The ongoing buying activity could push the crypto toward this range, making it one of the key tokens to watch as the market reacts to these new developments.
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Potential for New All-Time High
In his tweet, Captain Faibik expressed optimism about Fantom’s prospects, stating that the token looks solid for another bullish rally and may soon reach a new all-time high. This view aligns with the technical analysis, where the breakout suggests a continued uptrend.
While the $1.60–$1.70 target remains a focus, Faibik’s broader expectation points to the possibility that FTM could soon challenge its previous all-time high. If the bullish momentum sustains, this scenario could unfold sooner than expected.
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