Contents
Major Resistance Level Broken
FTM Chart Analysis: Moving Averages Show Uptrends
$5 Forecast Consists of Historical Highs
FTM price has broken out of a key weekly resistance level, signaling bullish momentum. Top analyst Jelle noted on X (formerly Twitter) that FTM recently broke above 2024 highs and is now moving higher. The tweet suggests that sustaining above this breakout level could take the price to around $5 by the end of the current cycle.
The accompanying chart provides deeper insights into FTM's recent price action and technical trends. Here's a breakdown of the key developments.
Major Resistance Level Broken
The price of Fantom has successfully closed above a major weekly resistance area that has historically served as a critical price barrier. This resistance is visible as a shaded horizontal area on the chart and lines up with levels set during previous price moves.
A break above this zone is a significant development, especially after breaking above the 2024 highs. This indicates increased buying interest and market participation, paving the way for potential upward momentum. With the price now firmly above the resistance, analysts are closely watching to see if FTM can maintain this level in the coming weeks.
FTM Chart Analysis: Moving Averages Show Uptrends
The chart reveals two significant price peaks in FTM’s history, the first occurring in late 2021 and early 2022 during a broader crypto market rally, and the second occurring in 2023-2024, which formed a resistance level just below the current breakout.
Moving averages also play a role in confirming the bullish outlook. Multiple weekly moving averages, including the potential 50-week and 200-week indicators, are trending upwards. Price action has consistently stayed above these averages, reinforcing a positive trend.
Image Source: X/Jelle
Support for FTM appears to have formed in the $0.20 to $0.30 range during its consolidation in 2023. A successful retest of this area preceded the current breakout, strengthening the case for a sustained upward move. While volume data is not visible, chart analysis suggests strong market sentiment driving the breakout.
$5 Forecast Consists of Historical Highs
As Jelle noted, the price target of around $5 is in line with historical highs FTM has reached in 2021. If the bullish scenario continues, intermediate resistance levels around $2.50 and $3.00 could act as stepping stones towards the $5 target. Traders are advised to monitor whether FTM’s price remains above the breakout zone for further confirmation of this trend.
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