In a recent development on the cryptocurrency market, Fantom (FTM) is gaining attention as it appears to be forming a "W" pattern on its weekly chart. This pattern, widely regarded as a bullish indicator, has caught the eye of seasoned crypto analyst Ali Martinez. In a tweet, Martinez expressed optimism, stating that if FTM can sustain a weekly close above $0.57, it would confirm the formation of this bullish pattern and potentially propel the token toward a target of $1.60.
The current price of Fantom stands at $0.5429, reflecting a 2.00% increase in the last 24 hours and an impressive 71.88% surge in the last 30 days. These positive price movements come on the heels of Martinez's earlier prediction, where he highlighted the significance of FTM trading above $0.47. According to Martinez, this marked a substantial bullish turn, with no major resistance expected until the $0.65 mark.
Fantom’s potential trend reversal
The cryptocurrency market has been dynamic and volatile, with investors closely monitoring technical patterns and expert analyses to make informed decisions. The "W" pattern, often seen as a reversal pattern, is characterized by a double bottom formation that signifies a potential shift from a downtrend to an uptrend. Analysts like Ali Martinez use such patterns to identify potential price movements and guide their predictions.
Fantom enthusiasts are now eagerly awaiting the confirmation of the "W" pattern with a weekly close above $0.57, as suggested by Martinez. If this confirmation materializes, it could serve as a strong signal for the further upward momentum of the FTM price, potentially reaching the $1.60 target.
As the market continues to evolve, the fate of Fantom and its potential bullish trajectory will be closely monitored by analysts, traders and crypto enthusiasts alike. The cryptocurrency community is poised for an exciting period as developments unfold, and market participants position themselves for potential gains in the wake of the speculated bullish move for Fantom.