A bold prediction has gotten the crypto community talking. Top analyst Scofield claims that the Fantom (FTM) price is poised for a stronger comeback. The claim aligns with the technical analysis of the FTM/USDT 4-hour chart, which reveals patterns indicating potential price recovery. This development has stirred curiosity among traders monitoring FTM’s recent price movements.
What you'll learn 👉
Fantom Chart Analysis: Symmetrical Triangle Breakout and Market Trends
FTM’s chart shows an upward trend that transitioned into a symmetrical triangle pattern. This pattern typically signals a continuation of the previous trend, which, in this case, was upward. The chart confirms that FTM’s price broke out of this consolidation phase, leading to a rapid surge. However, the rally eventually faced resistance, resulting in a significant correction.
The breakout demonstrated strong momentum, with higher highs following the triangle pattern. Despite the recent dip, the current chart suggests a recovery attempt, as prices are stabilizing near a previously established support level.
Key Support Zone Around $1.15
The $1.15 to $1.16 range has emerged as a key support and resistance flip zone. Initially serving as resistance during FTM’s consolidation phase, this level transformed into support following the breakout. During the recent sell-off, FTM’s price retraced sharply to this level before rebounding. This area has proven pivotal, as buyers stepped in to defend the price and prevent further declines.
The bounce at this level indicates strong buying interest, which aligns with the sentiment expressed in the trader’s tweet. Market participants are monitoring whether FTM can maintain this level and reclaim higher price points.
Read Also: Market Analyst Predicts Explosive Growth for Ethena (ENA) Price After Key Resistance Break!
The Trader’s Prediction and Market Sentiment
Scofield’s tweet, stating, “$FTM This comeback will be stronger,” reflects a bullish outlook on FTM’s recovery potential. The alignment between this sentiment and the chart’s technical signals has added credibility to the trader’s forecast. The rebound in price action after the steep correction mirrors this optimism, suggesting renewed buyer interest and market confidence.
Moreover, the analysis suggests that FTM’s price may be entering another bullish phase if the $1.15 support zone holds. The rebound following the correction demonstrates that market participants are actively defending this price range. However, further confirmation is required to determine whether the recovery will translate into a sustained rally. Traders remain cautious but optimistic as they watch for additional upward movement.
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