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Cryptocurrency News Articles

Fantom (FTM) Price on the Verge of Exploding Higher—Here's What's Fueling It!

Dec 16, 2024 at 02:45 am

FTM's price is showing signs of a potential breakout as traders closely watch a critical resistance level.

Fantom (FTM) Price on the Verge of Exploding Higher—Here's What's Fueling It!

FTM’s price analysis reveals a crucial breakout potential as traders keep a close eye on a critical resistance level. Popular trader Jacob Canfield shared his technical analysis on X, suggesting that FTM may enter price discovery mode if it clears a key hurdle. The timing coincides with the upcoming $SONIC launch, adding further momentum to the bullish setup.

FTM’s 4-hour price chart showcases a strong resistance zone marked by a bearish impulse base. This zone has acted as a barrier in previous attempts at upward price movements, indicating consistent selling pressure. Multiple instances of seller defense can be observed within a red horizontal box on the chart.

Despite these rejections, the current trend demonstrates the formation of higher lows as buyers gradually gain control. This upward trajectory suggests increasing demand and building momentum in the approach toward the resistance level. The resistance box now marks a critical area of interest for traders, awaiting confirmation of a breakout.

A 4-hour candle close above this zone will be crucial, potentially triggering accelerated buying and initiating price discovery.

The chart also highlights a significant support zone at the base of a prior bullish impulse. This area, marked in green, represents a liquidity sweep where stop losses were likely cleared before the FTM price reversed upward. The liquidity sweep signaled strong buying interest and established a firm demand zone.

Since this reversal, the market has shown consistent bullish pressure, with price consolidating in the vicinity of the resistance. Consolidation often indicates indecision but can act as a precursor to a breakout. This setup reflects traders’ confidence in the potential for upward continuation once resistance is breached.

In his analysis, Jacob Canfield noted the coincidence of the $SONIC launch with FTM’s current price setup. These external events often serve as catalysts, driving up buying activity and positive sentiment around the token.

Both traders and the market at large appear optimistic about the potential synergies between the $SONIC launch and FTM’s technical position. As the token approaches this critical juncture, traders will be keeping a close watch on the 4-hour candle cierre for a decisive breakout above the bearish impulse base.

A breakout at this level could lead to swift price discovery, driving FTM toward uncharted territory with minimal resistance encountered along the way.

News source:captainaltcoin.com

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