The price of FTM has surpassed a key weekly resistance level, signaling bullish momentum. Top analyst Jelle revealed on X (formerly Twitter) that FTM recently broke above its 2024 highs and is now pushing higher. The tweet indicates that holding above this breakout level could propel the price to approximately $5 by the end of the current cycle.

The chart accompanying the analysis provides deeper insights into FTM’s recent price action and technical trends. Here’s a breakdown of the key developments.

Fantom’s price has successfully closed above a major weekly resistance zone that has historically served as a critical price barrier. This resistance is visible as a shaded horizontal area on the chart, aligning with levels established during previous price rallies.

The breakout above this zone, particularly after surpassing the 2024 highs, is a pivotal development. It suggests increased buying interest and market participation, paving the way for potential upward momentum. With the price now firmly above the resistance, analysts are closely watching to see if FTM maintains this level in the coming weeks.

The chart reveals two notable price peaks in FTM’s history. The first occurred in late 2021 to early 2022 during a broader crypto market rally, and the second in 2023-2024, which established a resistance level just below the current breakout.

Moving averages also play a role in confirming the bullish outlook. Multiple weekly moving averages, including potential 50-week and 200-week indicators, are curving upward. Price action has remained consistently above these averages, reinforcing a positive trend.

Support for FTM appears to have been formed in the $0.20 to $0.30 range during its consolidation in 2023. A successful retest of this area preceded the current breakout, strengthening the case for a sustained upward move. While volume data is not visible, the chart analysis suggests strong market sentiment driving the breakout.

The price target of approximately $5, as mentioned by Jelle, aligns with FTM’s historical highs achieved in 2021. If the bullish scenario continues to unfold, intermediate resistance levels around $2.50 to $3.00 could serve as stepping stones toward the $5 target. Traders are advised to monitor whether FTM’s price holds above the breakout zone for further confirmation of this trend.

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The post Fantom Price Surges Past Resistance—Here’s Why FTM Could Hit $5 Soon appeared first on CaptainAltcoin.

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