FTM reached a high of $1 recently after which it made a 8% downturn. Will it continue moving up before entering consolidation phase?
Key Takeaways
- FTM is progressing in wave (v) with strong momentum.
- Immediate resistance at $1.15 aligns with the March high.
- Support at $0.83-$0.88 is critical for maintaining bullish momentum.
After gaining 58% since the November low and reaching $1, the price made an 8% pullback. Resistance has been encountered, but the overall trend remains bullish, which is why there are two scenarios ahead.
Either way, Fantom (FTM) could soon enter the consolidation phase, regardless of whether or not it has one more high ahead.
FTM Price Analysis
The daily chart for Fantom (FTM) highlights a significant bullish breakout following the completion of a prolonged corrective structure.
After bottoming near $0.26 on Aug. 5, the price made its first recovery to $0.54 and a higher low of $0.37 on Sept. 6.
FTM initiated an impulsive wave structure, reaching its next high of $0.76 on Oct. 2. It entered consolidation, falling close to the 0.5 Fib level to a low of $0.53 on Nov. 4.
Since then, it has gained around 58%, reaching $1 on Nov. 24. The current rally is part of wave (v), with the price trading near $0.97 as momentum remains strong.
The breakout aligns with the Fibonacci retracement levels, confirming a robust bullish trajectory. The Relative Strength Index (RSI) has entered elevated levels but remains below the overbought zone, suggesting the rally can continue before a larger correction.
However, the sharp price movement indicates the need to monitor for potential exhaustion soon.
FTM could enter another consolidation period before it can continue moving up to conclude its five-wave pattern.
Key Observations
- Wave Structure Development: FTM has completed its wave (iv) correction and is advancing in wave (v).
- Resistance Levels: The $1.15 resistance aligns with the prior high in March
- Support Retest Potential: A pullback to $0.76 would confirm the breakout’s validity and provide a strong accumulation zone before resuming the uptrend.
FTM’s ability to sustain above $0.76 will be crucial for maintaining bullish momentum. Breaking above $1.15 would open the path toward extended upside targets, while failure to hold above $0.76 could result in a retracement.
FTM Price Prediction
The 1-hour chart shows a strong impulsive structure as it progresses through a bullish five-wave pattern. Following the breakout above the $0.80 resistance level, FTM surged to a high of $1, developing its lower-degree wave (iii).
The price is currently consolidating, suggesting the development of a wave (iv) correction before a potential push toward wave (v) targets.
On the other hand, the current uptrend could immediately continue as the price still hasn’t reached its optimal 1.618 Fib extension point, which would be close to the March high of $1.15.
The Fibonacci levels provide a clear roadmap for potential retracement and further extension. Wave (iv) could see a retracement toward $0.88 (0.786 Fibonacci level) or deeper to $0.83 (0.618 Fibonacci retracement) before resuming its uptrend.
On the upside, the immediate resistance lies at $1.03 (1.272 Fibonacci extension), with further targets at $1.13 (1.618 Fibonacci extension) and $1.15, aligning with the higher degree wave projection.
Key Levels to Watch:
Support Levels:
- $0.88: 0.786 Fibonacci retracement, initial support for wave (iv).
- $0.83: 0.618 Fibonacci retracement, critical support zone.
- $0.71: Previous breakout level, aligning with the start of the current wave.
Resistance Levels:
- $1.03: 1.272 Fibonacci extension, immediate resistance for wave (v).
- $1.13: 1.618 Fibonacci extension, mid-term target for wave (v).
- $1.33: 2.272 Fibonacci extension, potential extended target for wave (v).
FTM’s ability to sustain above $0.88 will confirm the continuation of the uptrend. A decisive breakout above $1.03 would validate wave (v), opening the door for further bullish momentum toward $1.15 and beyond.
Failure to hold the $0.83 support could signal a deeper retracement or an end to the current bullish wave structure.
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