Fantom (FTM) Price Analysis: Will the Bullish Momentum Return?
After reclaiming the $1 level in March, Fantom (FTM) faced a market crash, losing almost 50% of its value. However, there are hopes for a bullish comeback, as long as certain conditions are met. Let’s delve into the current analysis of the Fantom price to see if a recovery is on the horizon.
Fantom Searching For Essential Support
According to crypto analyst MyCryptoParadise, the Fantom price hit $0.56 before starting to search for crucial support levels. The altcoin is inching closer to a support level at $0.5679, which could potentially trigger a bullish breakout. With recent rejection at the $0.79 resistance, finding support is essential for Fantom’s renewed momentum.
- The support level at $0.5679 must hold for a bullish breakout confirmation.
- A potential double bottom pattern could form if Fantom finds support and bounces off this level, with resistance at $0.798.
- An expected 100% move from the current level with initial targets at $1 and further potential upsides to $1.2.
Potential Bearish Scenarios for Fantom
If Fantom fails to find support above $0.56 and breaks below this level, the analyst predicts a bearish continuation, pushing the price below $0.5. In this scenario, the next support level for the FTM price would be around $0.449, identified as the next Bullish OB area by the analyst.
- The current price is above the $0.6641 support level, experiencing a 3% decline in the last day and a 10% loss over the past week.
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