Fantom (FTM) has experienced a significant amount of price fluctuation in recent months. In January 2022, it reached a record high before dropping and settling beneath a descending resistance line. This led to a decrease to a low of $0.164, which was classified as only a temporary divergence. In the time since, the FTM price has shown consistent improvement, with the RSI now back above 50 indicating a strong bullish trend.

Confirming this trend is the FTM price having bounced back at the horizontal support level of $0.39 after having risen to $0.655 in January. For the future, the analysis predicts a price of around $1.15-$1.20, although a drop below $0.39 could lead to the price decreasing towards $0.20. This is based on an analysis of several factors, including the wave count and Fib retracement levels.

The wave count for the FTM price is likely in the fifth wave. The sub-wave count reveals potential areas of a top at $0.87 and $1.20, with the latter suggested by projecting the length of the combined waves one and three. This potential top coincides with the long-term resistance area and would be validated if the price remains above the sub-wave two low of $0.39.

It is worth noting that the current state of play is subject to change, and unexpected fluctuations cannot be ruled out. Conversely, a break below $0.39 could cause a plunge in the FTM price, potentially to a low of $0.20. The Fantom price therefore must hold above this key support level in order to resume its increasingly positive uptrend.



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