Fantom (FTM) Momentum Cools Off, 40% Price Rally Could Still Happen
FTM price rises 173% since August low but the momentum slowed down. More upside expected.
Key Takeaways
- FTM confirmed a new bull cycle after the breakout.
- Price consolidation suggests potential rise to $0.93-$1.
- Possible pullback to $0.60 before the next upward move.
Fantom (FTM) recently initiated a bullish cycle after reaching a significant low in October 2023. Following a series of price surges and corrections, FTM has displayed key breakout patterns, indicating potential upward movement.
This analysis examines the recent trends, wave structures, and potential targets as FTM continues its upward trajectory.
FTM Price Analysis
Fantom initiated a new bullish cycle after hitting a low of $0.17 on Oct. 18, 2023, rallying to a yearly high of $1.20 by March 22. However, this surge was followed by a sharp 55% decline, with the price dropping to $0.56 by April 13.
A subsequent 70% recovery led to $0.97 on May 21, but another downtrend lowered the price to $0.26 on Aug. 5.
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The price movements indicate a three-wave corrective phase after an initial five-wave rise. The new bull cycle was confirmed as FTM broke out of a descending triangle and started moving upwards.
Today, the price reached a high of $0.76, only 5.8% higher than on Sept. 21 as momentum slowed down.
We saw an ascending channel form after the price increased by over 100% after its last rise on Sept. 6.
This is likely a consolidation before the price rises, but how much room does it have for the upside?
FTM Price Prediction
The hourly chart shows that the first uptrend from Aug. 5 to 25 broke above descending resistance and formed a higher low on its following retracement.
These were most likely the two sub-waves of the five-wave impulse in the starting bull phase.
If so, the next rise from Sept. 6 is wave three, making the ascending channel since Sept. 21 wave four. Whether or not this consolidation is completed is still in question, as the price is still within the channel’s bounds despite today’s near 10% rise.
Should FTM break into the upside, the projection will be confirmed, and we anticipate another higher high in the $0.93 area.
If the momentum continues, the price could easily reach $1 and conclude a 40% rise from today’s open.
Read more: Fantom Price Prediction 2024: FTM Price Analysis
Alternatively, we can see a rejection at the ascending resistance leading to a minor pullback as wave four hasn’t developed fully.
In that case, FTM could fall to $0.60 before advancing to the expected higher high around $0.90
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