- Fantom’s breakout from a multi-year resistance signals bullish momentum, with long-term targets exceeding $13.
- Analysts see FTM’s Wave III supported by Fibonacci targets at $5.59, $8.92, and $12.26, indicating robust growth potential.
- Increased volume and historical patterns point to sustained gains, with key supports at $0.90 and $0.75 bolstering confidence.
Fantom has recently broken a multi-year resistance, signaling the potential for substantial price growth. The cryptocurrency’s weekly chart against Tether (USDT) illustrates a breakout from a descending triangle pattern that has persisted since its 2021 peak. Currently trading at $1.24, FTM shows signs of bullish momentum, with analysts projecting long-term targets between $13.85 and $15.00.
Multi-Year Resistance Break and Fibonacci Insights
FTM’s price action demonstrates a breakout above a descending trendline formed during its prolonged downtrend. The breakout followed a period of consolidation marked by higher lows along a rising support line. Notably, Captain Faibik highlighted the upward potential, with a target projection of $13.85, reflecting a 1,485% increase from the breakout.
Source: Captain Faibik
Alex Clay’s analysis complements this, showcasing a broadening wedge and Elliott Wave structure. FTM appears to be in Wave III of its bullish leg, with Fibonacci extensions targeting $5.59, $8.92, and $12.26. Key support levels include $0.90 and $0.75, aligning with historical price zones. Additionally, resistance at $1.50 and $2.90 could moderate upward movement.
Potential for Continued Bullish Momentum
The breakout aligns with increased trading volume, confirming investor interest. Historical patterns indicate that FTM often follows sustained upward trends after accumulation periods. Besides, the double-bottom formation near $0.16 in mid-2022 served as a strong reversal point. Analysts suggest consolidation between 0.236 and 0.382 Fibonacci levels before a potential breakout.
Consequently, price action may continue its upward trajectory, with intermediate resistance zones acting as key validation levels. The background technical indicators, including trendlines and Fibonacci extensions, support the bullish case. Moreover, dynamic support from the ascending trendline reinforces FTM’s structural integrity for future growth.
The post Fantom Breaks Major Resistance, Aiming for $13+ Growth with Bullish Momentum appeared first on Crypto News Land.
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