Is Fantom (FTM) Price About to Skyrocket? Top Analyst Reveals Key Chart Signals!

2024-10-17 19:00

With indications of a potential price spike, Fantom (FTM) has drawn interest from traders and the crypto community. Fantom has been performing exceptionally well lately and has stayed within a specific price range and may continue to rise. 

Analyst Mammon (@D_DTRADING) recently shared his insights on X (formerly Twitter), suggesting that FTM’s price could be gearing up for significant gains if certain conditions are met.

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Show more +Show less – Fantom Chart Analysis: Trading Within a Key Range

According to Mammon, FTM has been trading within a larger price range, with support around $0.50 and resistance near $0.76. This range has seen the price oscillate between these key levels, providing opportunities for both buyers and sellers.

Fantom appears to be trading in what Mammon refers to as the “premium section” of the range based on recent price movement. This term often denotes a more expensive trading zone. The analyst does think there may be more potential if the price stays in the current demand zone, which is between $0.61 and $0.66.

Buyers have typically intervened in the demand zone, and this recent tapping has created the possibility of a rebound. This zone will be crucial in determining whether FTM can maintain its bullish momentum.

Image Source: X/Mammon PO3 Formation Could Signal a Bullish Move

Mammon also notes the possibility of a Power of Three (PO3) formation developing in the FTM chart. This pattern typically includes three phases: accumulation, manipulation, and distribution. If FTM respects the demand zone, the price could move higher, triggering the next phase of this setup.

In the accumulation phase, buyers gradually enter the market around the demand zone, which is currently visible on the chart. The manipulation phase may involve a brief dip or consolidation, leading to a rally in the distribution phase as the FTM price targets higher resistance levels.

Read Also: Multiple Analyses Show Kaspa (KAS) Price Dip Isn’t Over: Analyst Anticipates Double-Digit Crash

Clean Triggers Set for Potential Breakout

Mammon has set his alerts for specific price triggers, indicating that he’s monitoring the FTM price closely for signals that could lead to a bullish breakout. According to the analyst, if the current setup plays out, the price could continue to rise toward or beyond the $0.76 resistance level.

The FTM chart further suggests that Fibonacci expansion levels might be used to project potential upward targets, providing traders with a clearer view of where the price could head next if the bullish trend continues. 

This aligns with Mammon’s analysis, which indicates that Fantom’s price may be preparing for a breakout if the demand zone holds and triggers align with his forecast.

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