Source: Zipmex
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.
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.
Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.
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