- Fantom (FTM) had initially reclaimed the $1 level back in March and expectations were that the coin would rise to $2. But that was before the market crash sent prices spiraling, and Fantom lost almost 50% of its value during this time.
- However, all hope is not lost of for the coin, as one crypto analyst expects a return of the bullish momentum as long as certain conditions are met.
- Crypto analyst MyCryptoParadise took to TradingView to share their analysis on the Fantom price and how it could see a recovery.
After a significant market crash, Fantom (FTM) is seeking a return to bullish momentum. Crypto analyst MyCryptoParadise shares insights on potential recovery and key levels to watch.
Fantom Searching For Support
After the price fell to $0.56, the altcoin began to look for support, which would serve as a bounce-off point, and the analyst revealed that the altcoin is actually getting closer to this support. For now, the support lies at $0.5679, which is the point that bulls need to hold to confirm a bullish breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold, as the FTM price searches for “renewed momentum.”
Potential for a Double Bottom Pattern
“Should FTM successfully find support and bounce from this level, it could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” the crypto analyst said, highlighting the importance of finding support. In the event of a breakout, the analyst expects at least a 100% move from here. The first major level to break it the $1 level, and then after that, the crypto analyst sees the price going as high as $1.2 as long as the trend is confirmed.
FTM Could Break Down Further
On the flip side of this, the crypto analyst also identifies a scenario where the Fantom price could continue to break down. In the event that the altcoin is unable to find support above $0.56 and breaks through it instead, the bloodbath could continue. The bearish continuation which the analyst sees in a situation like this will send the price below $0.5 eventually. The support for the FTM price then lies at the next Bullish OB area, which the crypto analyst identifies to be around $0.449.
Conclusion
Presently, the Fantom price is trending above support at $0.6641. However, it is down 3% in the last day with 10% losses in the last week. The future of FTM depends on its ability to find support and potentially form a double bottom pattern. If it fails to do so, a further breakdown could occur, sending the price below $0.5. As always in the crypto market, investors should proceed with caution and conduct their own research.
