A crypto analyst on TradingView, known as ‘Tradecitypro,’ has published a detailed Fantom (FTM) report, breaking down the cryptocurrency’s price action across the daily and 4-hour timeframe. After accurately predicting Fantom‘s surge above $1, the analyst highlights key price levels, market trends, potential price movements, and bullish technical indicators for FTM’s next parabolic trend. Fantom Daily Timeframe: Signs Of Trend Weakness After correctly forecasting FTM’s price breakout at $0.84, the TradingView analyst has revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved ascending trendline. According to the analyst, Fantom’s price has reacted multiple times to this distinctive trendline, ending price corrections and resuming its upward momentum. During the last bullish surge during Fantom’s uptrend, the cryptocurrency broke past the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, where it stabilized above that level. Moreover, several indicators suggest that FTM may be slowing down and losing momentum. Its candle sizes have been gradually shrinking, indicating reduced bullish activity. Additionally, price corrections have intensified, signaling increased selling pressures and potential profit-taking. Fantom’s trading volume has also declined, suggesting that traders’ interests might shift. Another technical indicator that is currently bearish is the Relative Strength Index (RSI), which is showing signs of divergence, signaling a potential reversal of the price of FTM drops below 55.74 on the RSI. Looking ahead, the TradingView analyst has revealed that a notable sign of sharp bullish trends and pre-pump movements is when a cryptocurrency exhibits weakness and a potential for a price reversal. If the current bearish trend for Fantom continues, the analyst has set the first minor resistance level at 1.6218. Additionally, if FTM can maintain a stable price above this zone, its next and strongest resistance could be at 3.2506. This resistance zone is near FTM’s all-time high of $3.46, representing a significant supply region. On the other hand, if FTM experiences a price correction, it would likely drop to the first support at the curved trendline. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price decline below 0.7707 would invalidate the previous bullish scenario for Fantom, potentially pushing the price further down to between 0.5349 and 0.2928. 4-Hour Timeframe: Ascending Channel And Potential Breakouts In the 4-hour timeframe, the TradingView analyst revealed that Fantom is currently moving within an Ascending Channel. The cryptocurrency’s price is interacting with the midline of the channel, providing temporary support. The analyst has revealed that no significant moves will be expected if Fantom remains within this Ascending channel. However, if the cryptocurrency can break out, it could lead to two potential scenarios: the start of a new parabolic trend or a trend exhaustion due to a loss in bullish momentum. The TradingView analyst has identified the price level at 1.636 as Fantom’s next static resistance. However, if FTM’s price has not yet reached this zone, the analyst suggests a safer strategy of taking long positions based on Dow Theory and channel breakouts. Featured image created with Dall.E, chart from Tradingview.com
A recent technical analysis on TradingView has drawn attention to the Fantom price, with a projected 18,000% increase to reach $150 by 2025. Ultra-bullish predictions are common in the crypto market, but this one is exceptionally optimistic for Fantom. The technical analysis, which dates back to the crypto’s price action in late 2020, bases the ultra-bullish prediction on historical price trends and technical patterns forming on the Fantom price chart. Anatomy Of FTM’s 18,000% Move The analyst’s prediction begins by highlighting Fantom’s significant price correction of 70% from its 2021 all-time high of $3.46. Despite this, technical indicators show that investors are now adopting a bullish outlook on the cryptocurrency. The 10-day Fantom/TetherUS chart reveals resistance breakouts in both the price action and the RSI indicator, signaling a shift in momentum from bearish to bullish. Consequently, the analyst’s technical setup now indicates a bullish reversal in progress. Related Reading: XRP Price Prediction: Analyst Gives Reasons For Why $10,000 Is A Feasible Price Target Central to the forecast is the bull flag pattern that spans Fantom’s price movements over the past three years. Notably, recent price action has seen the Fantom price breaking above this bull flag pattern. The analyst notes that if this pattern repeats the impulsive wave seen in Fantom’s rally in 2021, the cryptocurrency could achieve another 18,000% increase. Back in 2021, this 18,000% increase saw the price of Fantom go from around $0.015 in November 2020 to $3.46 by October 2021. Although the cryptocurrency landscape has changed since then, the analyst predicted that Fantom could repeat another 18,000% move in light of the bull flag breakout. This would translate to a price of $150 from the current price level. Such a move would undoubtedly see Fantom outperforming most cryptocurrencies. Nonetheless, the analysis emphasizes the need for patience, as corrections of up to 80% may occur during the projected climb. The confluence of multiple technical indicators, visualized through red and blue arrows on the chart below, further supports the forecast. Key Resistance Levels And Risk Assessment The analyst identifies $3 as the first major resistance level, highlighted by the formation of an inverse head-and-shoulders pattern. Breaking through this zone would be a crucial step in validating the bullish trajectory. Related Reading: Dogecoin Price Completes First Bull Phase Similar To 2021, Here’s What Comes Next At the time of writing, Fantom (FTM) is trading at $1.03. Its price movements in the past seven days have traded between the upper and lower ends of $1.29 and $0.987, respectively. However, Fantom is still bullish on the larger timeframe, as it is currently up by over 61% in the past 30 days. An 18,000 projection from the current levels would require far more capital inflow than it did in 2021, when Fantom was trading around 1 cent. Regardless of how this 18,000% projection plays out, the Fantom price is on track to keep on its steady growth alongside the rest of the crypto market, especially if an altcoin season eventually rolls in. Featured image created with Dall.E, chart from Tradingview.com