Fantom (FTM) increases by over 35% in the past week

The blockchain platform Fantom is displaying signs of a possible bullish reversal, with analysts pointing to the formation of a double-bottom pattern.

Analyst Ali highlighted the emergence of a “W” pattern on FTM‘s weekly price chart in a recent post on X, implying a bullish resurgence for the asset.

A double bottom, also known as a “W” pattern, is a recognized technical analysis formation that indicates a potential downtrend reversal.

This pattern is distinguished by the price forming two consecutive bottoms, followed by a sharp bullish move, indicating a shift in market sentiment.

#Fantom has triumphantly surpassed a key resistance at $0.47, where 1,430 addresses accumulated over 653 million $FTM.

With this resistance now acting as support and no major supply walls in sight, the path looks clear for #FTM to march toward $0.66 or even higher. pic.twitter.com/GZqeFLznHI

— Ali (@ali_charts) December 23, 2023

According to the most recent data, Fantom is currently trading around $0.548, representing a 34% increase in the last week.

Analysts believe that confirming the double bottom pattern will pave the way for a bullish breakout towards the $1.60 level.

As the platform continues to garner attention for its blockchain technology and potential market developments, investors and enthusiasts are keeping a close eye on Fantom’s price movements.

TagsFTM