Crypto analyst CryptoGalaxy has identified a technical setup for Fantom (FTM), suggesting some upside potential in the coming weeks. The analysis shared recently on X points to a falling wedge pattern that has just broken out to the upside.
According to CryptoGalaxy’s chart analysis, FTM/USDT has been forming a clear falling wedge pattern, characterized by converging downward-sloping trendlines. This pattern typically signals weakening bearish momentum and often precedes a strong upward move.
The most striking aspect of CryptoGalaxy’s analysis is the recent clean breakout above the upper trendline. Currently trading around $0.76, FTM has shown remarkable strength in its initial move beyond the pattern’s boundaries.
FTM Price Target and Key Levels to Watch
The technical formation suggests a conservative price target of $1.50, basing this projection on the traditional measurement of the wedge’s height added to the breakout point. This target represents a potential gain of close to 100% from current levels.
CryptoGalaxy identifies several critical price points that traders should monitor. The first major resistance sits at the psychological $1.00 level, followed by another significant barrier at $1.20. These levels could serve as temporary pause points in FTM’s journey toward the target.
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While maintaining a bullish outlook, traders will need to watch for continued momentum above the breakout point, as any return into the wedge formation could invalidate the bullish scenario.
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