2024-11-24 17:45

Popular analyst Scofield shared on X (formerly Twitter) that FTM is “on fire” and suggests a potential rally to $3. This optimistic sentiment aligns with recent technical analysis, which shows a bullish breakout on the FTM price chart. As momentum builds, investors are monitoring if this surge could sustain and lead to higher price targets.

Fantom Chart Analysis: Symmetrical Triangle Breakout Sparks Momentum

Fantom’s price has been going up lately after breaking out of a symmetrical triangle pattern. During a quiet period in the market, the price moved between two converging lines – showing that buyers and sellers were pretty much balanced. A significant change in market sentiment toward buying pressure is confirmed by the upward breakout and higher trade volume.

At the time of analysis, FTM’s price is trading at $0.9367, representing a sharp 19.48% increase within a single session. Previous resistance levels around $0.85–$0.90 have been breached, turning them into potential support zones. If this trend persists, the next psychological resistance lies near $1.00.

Image Source: X/Scofield Support and Resistance Levels Indicate Key Price Zones

During its consolidation phase, the lower boundary of the triangle acted as a robust support zone, ranging between $0.65 and $0.70. The breakout, however, places FTM’s price on a path toward higher targets. Immediate resistance at $1.00 could serve as the next test for bulls, while longer-term targets include $1.20 and beyond.

The tweet predicting $3 implies an ambitious target, requiring a sustained uptrend and favorable market conditions. Achieving such levels could reflect a potential 300% gain from the breakout point, highlighting the optimism among market participants.

Read Also: Is Stellar (XLM) Price About to Skyrocket? Analyst Predicts a Massive Bull Run!

Bullish Sentiment Backed by Market Trends

Scofield’s tweet reinforces the strong bullish sentiment surrounding Fantom. The statement, “See you soon at $3,” reflects confidence in the project’s growth potential. While this target is optimistic, it aligns with the technical chart’s projection of continued upward momentum.

Investors are advised to monitor trading volumes and momentum indicators closely to assess the strength of the breakout. Whether FTM’s price can maintain its trajectory toward $3 remains dependent on broader market conditions and sustained buying interest.

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The post Elite Analyst Says Fantom Is ‘On Fire’ – Could FTM Price Hit $3 Soon? appeared first on CaptainAltcoin.

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