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.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +What you'll learn 👉
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.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming
