Popular analyst LaCryptoLycus shared on X that Fantom (FTM) price has recently shown bullish momentum. The analyst noted FTM’s “perfect” bounce within an ascending wedge, suggesting the cryptocurrency could soon target the $0.84 level.
This aligns with the technical analysis of FTM’s chart, indicating several support and resistance zones that may shape its price trajectory in the coming weeks. As the asset builds upward, traders are eyeing potential targets of $1.00 and $1.20 if current support levels hold.
Fantom Chart Analysis: Strong Bounce from Ascending Wedge Support
The FTM chart shows that the price recently bounced off the lower boundary of an ascending wedge. This pattern, coupled with an earlier breakout from a descending wedge, suggests a bullish trend for the asset. The ascending wedge’s support line has acted as a firm base for FTM’s price, allowing it to recover from previous dips and push higher.
This upward movement hints at a possible continuation of bullish momentum, as long as FTM maintains its position above the support line. Analysts are watching this pattern, which indicates potential further gains if FTM’s price respects this dynamic support zone.
Key Support and Resistance Zones
FTM has formed clear support and resistance levels on its journey. The key support level at $0.63 has provided a solid foundation for recent price action, holding the price up through recent fluctuations. The lower trendline within the ascending wedge also offers additional support, acting as a dynamic level to prevent downward movement.
On the resistance side, LaCryptoLycus identified $0.84 as an immediate target, which could be the first significant barrier. Beyond this, resistance at $1.00 serves as a psychological and technical milestone, with $1.20 emerging as a potential higher target if bullish momentum persists.
Read Also: This Chart Pattern Will Take SUI Price to $10, Analyst Predicts
Analyst’s Take on FTM’s Trajectory
LaCryptoLycus’s tweet underscores confidence in FTM’s upward path, with an emphasis on the asset’s recent bounce off ascending wedge support. The analyst suggests $0.84 could be within reach “pretty soon,” reflecting optimism based on current technical structures. As FTM’s price approaches this level, the tweet aligns with the bullish outlook from the technical chart, which supports a potential rise to $1.00 and possibly beyond.
FTM’s recent price movement and key levels indicate a promising setup, with the cryptocurrency’s next milestones dependent on its ability to maintain support and break through resistance. Traders will continue monitoring these zones for signs of sustained bullishness.
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