Crypto analyst unveiled a bullish outlook for Fantom ($FTM), citing signals against the dollars. His dive into the price action shows the emergence of a powerful pattern that could open the way for a substantial rally.
Sharing this insight with his handle world of charts on X, the analyst outlines why this setup could be a game changer, urging traders to keep a close watch as Fantom gears up for a potential breakout.
The chart illustrated a symmetrical triangle pattern created by converging trendlines. This formation indicates a phase of consolidation and indecision in the market.
While symmetrical triangles are generally neutral patterns, their occurrence after a downtrend can signal a reversal if they break upwards.
The analyst noted that the price seems to have broken above the upper trend line, suggesting a bullish breakout.
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Fantom ($FTM) Set for Potential 400% Surge
The analyst forecasts a potential upside of 300-400% following the breakout.
This projection aligns with the analysis obtained from the chart, which suggests a price target as high as $6.15 representing a remarkable 400% rally from the breakout point near $0.80.
The target measurement is based on the height of the triangle projected from the breakout point, a technique commonly employed in technical analysis.
The chart shows multiple years, with its peak in late 2021, followed by a prolonged downtrend throughout 2022 and 2023.
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The emergence of the symmetrical triangle after an extended period of consolidation implies that the market may be forming a bottom.
The anticipated breakout could signify the end of this downtrend and the beginning of a new bullish phase, as the analyst predicted a “massive breakout.”
The key support level for Fantom lies along the lower trend line of the symmetrical triangle, with an additional cushion provided by the previous consolidation zone around $0.50-$0.60.
On the upside, immediate resistance is at the psychological barrier of $1.00, while further resistance may emerge as the price nears the target zones of $2.00-$3.00 and beyond.
This setup, combined with technical indicators and historical patterns, suggests a strong potential for a bullish breakout, making it an attractive opportunity for investors seeking significant upside.
