Fantom (FTM) had initially reclaimed the $1 level in March and expectations were for the coin to rise to $2. But that was before the market crash sent prices soaring and Fantom lost nearly 50% of its value during that period. . However, all hope is not lost for the coin as one crypto analyst expects a return of bullish momentum as long as certain conditions are met.
Fantom looking for support
Crypto analyst MyCryptoParadise used TradingView to to share his analysis on Fantom’s price and how it could see a recovery. After the price dropped to $0.56, the altcoin started looking for support, which would serve as a turnaround point, and the analyst revealed that the altcoin is actually approaching this support.
For now, support is at $0.5679, which is the point bulls need to hold to confirm an upside breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold as FTM price seeks “renewed momentum.”
“He must FTM Successfully finding support and bouncing off this level could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” said the crypto analyst, 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 the $1 level and after that the crypto analyst sees the price rising to $1.2 provided the trend is confirmed.
Source: TradingView.com
FTM could break even further
On the other hand, the crypto analyst also identifies a scenario where Fantom’s price could continue to fall. In the event that the altcoin fails to find support above $0.56 and instead breaks it, the bloodbath could continue.
The bearish continuation that the analyst sees in a situation like this will eventually send the price below $0.5. Support for FTM Price then it is in the next Bullish OB area, which the crypto analyst identifies at around $0.449.
“💎 Regaining support at 0.568 would be crucial for FTM to maintain its bullish momentum,” the analyst said. “If FTM fails to bounce even after reaching the bullish OB area, this would signal bullish invalidation, indicating a continuation of the downtrend.”
Currently, the Phantom price is trending above support at $0.6641. However, it fell 3% in the last day, with losses of 10% in the last week.
FTM price continues to recover | Source: FTMUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.