Phantom (FTM) price has probably completed a short term correction and started the last leg of a significant upward movement.
Since hitting the all-time high in January 2022, the FTM price has fallen below a descending resistance line. The decline extended to the November 2022 low of $0.164, which broke the $0.20 support area. However, this turned out to be a divergence (red circle), and Phantom price has since increased.
The upward movement was preceded by a bullish divergence in the RSI (green line). Furthermore, the indicator is now above 50, another sign of a bullish trend. The upward move led to the January high of $0.655. While the price later declined, it bounced in the $0.39 horizontal area, forming a long lower wick and validating it as a support.
If the rise continues, the next closest resistance will be at $1.15. On the other hand, a close below $0.39 could spark a decline towards $0.20.
Can Fantom (FTM) price go up to $1.15?
The daily time frame aligns with readings from the weekly, which favor continuation of the upward move. There are several reasons for this.
First of all, it looks like the price has completed a 4th wave pullback after bouncing above the resistance line of the previous ascending channel.
Secondly, the daily RSI has moved above 50. Lastly, FTM Token price is in the process of breaking out of a short-term descending resistance line (dashed). Confirmation of the breakout is likely in the next 24 hours.
If the price is indeed in the fifth wave, the first possible target for the top would be $0.87, formed by the 1.61 external Fibonacci retracement of the most recent decline. However, if wave five extends and the full length of waves one and three are combined, it could move to $1.22 (white). Since this also coincides with the $1.15 horizontal resistance area, it would make more sense if this acts as a top.
On the other hand, a break below the wave four low at $0.30 would invalidate this bullish forecast. In that case, the FTM price could decline once again towards $0.20.
To conclude, the most likely FTM price forecast is at least $0.87 and possibly an increase to $1.15-$1.22. It will be invalidated by a fall below $0.30. In that case, the FTM price could drop to $0.20.
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