Fantom (FTM) has been gaining attention after a notable breakout from a descending trendline, which has sparked bullish sentiment among traders and analysts alike.
The FTM price has seen a decent 4.51% surge over the past day, and at publication, it is trading at $0.6707. Its trading volume also went up by 83.41%.
Whispra, a top analyst, shared on X (formerly Twitter) that this breakout could lead to a major rally. He added that this breakout could make FTM’s price hit the $1.9, $3.7, and $7.5 levels.
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Show more +Fantom’s Chart Analysis: Breakout from a Key Trendline
The Fantom price broke through a descending trendline, an event that often signals a shift in market sentiment. This breakout is viewed as a bullish indicator, suggesting the asset could be entering a new phase of upward momentum.
However, this descending trendline had previously acted as resistance, and breaking above it shows a possible change in direction for the token. This technical move is further supported by key levels on the Whispra’s Fantom chart.
The first target is $1.9, a resistance point where FTM could face initial selling pressure. If this level is surpassed, the next targets of $3.7 and $7.5 could come into play, providing potential for further gains.
Meanwhile, analyst Ether Wizz shared a similar sentiment, expressing confidence in FTM’s setup. He revealed that he has gone long on the token, expecting a bullish push in the future. His outlook aligns with the technical analysis, which shows strong support for a continued move upward.
Read Also: Top Analyst Explains Why Holding 14,000 Ripple’s XRP Tokens Could Be Life-Changing
Fantom’s Price Key Levels and Market Sentiment
The $0.56 level acted as a strong support before the breakout, and now the $1.9 mark is the next important resistance for FTM to overcome.
Furthermore, clearing this level could signal a continuation of the rally, with $3.7 and $7.5 acting as further upside targets. Traders will be watching these levels closely, as they will likely dictate the next moves in FTM’s price.
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