FTM/USDT Technical Analysis: Rallying Ahead of the Sonic Upgrade
Fantom (FTM) continues its upward trajectory as anticipation builds for the Sonic upgrade scheduled for late this year. The price action suggests that FTM has likely bottomed out, with key resistance levels converting into new support zones.
Monthly Time Frame
FTM recently retested the previous resistance zone at $0.3165, which has now flipped into a strong support zone. The monthly candle closure above this level signals a solid foundation for further upward movement. This confirmed support strengthens the case for a continued bullish trend leading up to the Sonic upgrade.
Weekly Time Frame
On the weekly chart, we’ve already seen a candle closure above the $0.3165 Fibonacci level, reinforcing the bullish narrative. With this level acting as a strong support, the next critical move has been FTM’s recent break above the 0.786 Fibonacci retracement level, which sits at $0.5581. This zone is a major key level, and a confirmed break above it could trigger the next leg of the uptrend.
Key Levels to Watch
- Current Support: $0.3165 (monthly and weekly confirmed support)
- 0.786 Fib Level: $0.5581 – This is the current major resistance zone. A confirmed break and retest of this level would open up further upside.
- Next Target: The 1.618 Fibonacci extension, which gives a price target of $0.7292.
- Ultimate Target: If FTM continues its bullish momentum, the 2.618 Fibonacci level at $0.9306 would be the final target before the Sonic upgrade.
Outlook
The big question is whether FTM can reach these key levels ahead of the Sonic upgrade. With solid support already established and the current momentum pushing towards higher Fib levels, the outlook remains optimistic. However, as with any upward rally, confirmation of these breaks and retests will be crucial for continued momentum.
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