Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run

Fantom (FTM) Price Analysis

Over the past week, Fantom's FTM token has witnessed a significant 15% price surge, currently trading around $0.5. Notably, this price movement defies the broader crypto market downturn, with FTM experiencing a 3.5% increase in the last 24 hours alone.

Technical Analysis: Descending Broadening Wedge

The FTM chart reveals a descending broadening wedge pattern, typically indicating a bullish continuation setup. The pattern comprises two diverging trend lines, with the price action forming lower highs and lower lows. This structure suggests volatility, and a price breakout often leads to an upward move.

Key Resistance and Target

The FTM price is currently testing a crucial resistance zone between $0.50 and $0.56, which has hindered upward momentum in previous attempts. Clearing this zone is essential for a bullish breakout. Additionally, the wedge's upper trendline poses as a potential resistance line that needs to be surpassed.

Analyst Prediction

According to a renowned trader, once FTM breaks out of the wedge and clears the resistance zone, the next target could be $1. This target is supported by the potential breakout measurement, which aligns with previous high points around $1.00.

Conclusion

FTM has been consolidating within a range for some time, and the recent price surge indicates a potential breakout. The combination of the descending broadening wedge and resistance at $0.56 suggests that a breakout with high volume could trigger a significant bullish move. The immediate resistance lies at $0.56, with a potential breakout target of $1.00+, supported by historical price levels and measured move projections.