Fantom price is showing signs of a potential breakout after months of consolidation since May 2022. Trading at $0.54 at the time of writing, Fantom has experienced an impressive rally of nearly 200% in the fourth quarter, positioning itself just below the crucial resistance level of $0.568.
The $0.568 barrier has proven resilient since Fantom’s significant 84% crash in May 2022. However, should the cryptocurrency successfully breach this resistance and transform it into a support level, it would signal a bullish breakout and pave the way for a potential 21-month high.
Fantom’s Potential 70% Surge to $1.60: Analyst Insights
Renowned crypto analyst Ali Martinez shared insights on the potential bullish trajectory in a recent X post. Martinez pointed out the formation of a “W” pattern on Fantom’s weekly chart, a pattern historically associated with bullish trends. According to Martinez, if FTM maintains a weekly close above $0.57, it will confirm the bullish formation and set the stage for a march toward $1.60.
Analyzing the pattern further, the target price is derived by measuring the height of the double bottom pattern. The projected growth is then determined by a similar increase above the breakout level, often referred to as the neckline. In the case of FTM, the neckline is identified at $0.568, and the height of the pattern places the target at an optimistic $0.965.
Should Fantom meet this target, investors could witness a substantial 70% increase in price from the current trading level. This potential rally could propel the altcoin even further, aiming for a target price of $1.60, effectively erasing the memory of the 84% crash experienced in May 2022.
As the cryptocurrency market continues to exhibit volatility, investors are closely monitoring Fantom’s price movements, eagerly anticipating a decisive breakout that could mark a significant turning point for this digital asset.
Related Reading | Crypto Companies Increase Political Support To Foster Innovation