Fantom (FTM) Slides 8% After New Yearly High — More Decline Likely

Key Takeaways

• FTM hit a yearly high of $1.47.
• The rising wedge suggests a potential correction to lower supports.
• Key support lies at $1.24, with lower targets at $1.09.

FTM has shown a strong recovery, reaching a new yearly high of $1.47 after breaking out of a falling wedge earlier this year.

However, the price recently dropped 8% to $1.36, encountering resistance and forming a rising wedge, signaling the potential for a short-term correction.

FTM Price Analysis

The FTM daily chart shows a strong recovery after breaking out of a falling wedge pattern earlier in the year.

The price has surged to a new yearly high of $1.47 today, Dec. 16, with a rising wedge now forming, indicating the potential for a pullback or correction soon.

The price decreased by 8% and is now being traded at $1.36, indicating resistance encountered. 

Immediate support lies at $1.15, a key horizontal level, while the next significant downside targets if a breakdown occurs are $0.72 and $0.58.

The Relative Strength Index (RSI) remains near overbought territory, suggesting momentum is stretched, and buyers may face exhaustion unless further bullish catalysts emerge.

For the upside to continue, FTM must decisively break above $1.48. Failure to clear this resistance could confirm the rising wedge breakdown, triggering a corrective move toward lower support levels. Overall, the trend remains bullish unless the $1.15 support fails.

Key Observations

• A new yearly high of $1.47 was made
• Rising wedge formation signals a potential pullback or trend reversal.
• Immediate support lies at $1.15, with lower targets at $0.72 and $0.58.
• Overbought RSI suggests limited short-term upside without a correction.
• A breakout above $1.48 is needed for further bullish continuation.

FTM Price Prediction 

The 1-hour chart shows a completed 5-wave Elliott Wave structure, peaking at $1.48. A rising wedge has formed, signaling a potential breakdown as the price struggles near resistance.

A corrective ABC pattern starts, with the initial support near $1.24 (0.236 Fib retracement).

If the price breaks below $1.24, further downside targets include $1.09 (0.382 Fib), $0.98 (0.5 Fib), and $0.86 (0.618 Fib).

The RSI is turning downward, indicating waning bullish momentum and supporting the idea of a potential pullback toward lower Fibonacci levels.

For bulls to regain control, FTM must reclaim $1.48 and sustain above $ it. A confirmed breakdown below $1.24 could accelerate the corrective move toward $1.09, while further weakness may push the price as low as $0.72, aligning with deeper Fibonacci support levels.

Key Levels to Watch

• Immediate resistance: $1.48 (recent peak).
• First support: $1.24 (0.236 Fib retracement).
• Key lower support levels: $1.09 (0.382 Fib), $0.98 (0.5 Fib), and $0.86 (0.618 Fib).
• Critical downside target: $0.72 if the correction deepens.
• Breakout confirmation: Above $1.48 for continued bullish momentum.