Fantom (FTM) Poised for a Potential 40% Surge in the Near Future
The Fantom (FTM) price has broken above the long-term resistance zone, displaying decisive bullish signals. The price may gradually rise to yearly highs.
The Fantom (FTM) price formed a bullish engulfing pattern at the support zone of $0.17 in the week from October 16 to 22 (green arrow). This is a bullish pattern, indicating that the bulls have fully controlled the price action at a lower level.
Indeed, the FTM price surged rapidly in the following four weeks before pausing at the horizontal resistance zone of $0.32.
After a few weeks of consolidation, the FTM price finally broke above the $0.32 resistance zone last week. The breakout occurred with a large bullish candle, marking the continuation of the previous uptrend.
The weekly RSI has risen above the 50 level and is sloping upwards, indicating an upward trend.
Therefore, the FTM price could rise to the next significant horizontal resistance at $0.55. TThis is resistance at the yearly high and represents a 35.57% increase from the current price level.
The daily chart suggests that the FTM price may consolidate or correct in the coming days. This is due to the bearish divergence in the RSI indicator.
Bearish divergence occurs when the price rises, but momentum decreases, often followed by correction phases.
Thus, the FTM price might correct towards the previous resistance zone at $0.37 before continuing the uptrend.
However, if the FTM price consolidates above $0.41 in the next two days, the upward momentum could accelerate thereafter.
The most likely scenario suggests that the FTM price will continue to rise towards the significant resistance zone at $0.55.
However, a correction or consolidation phase may occur before the price resumes its uptrend.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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