Fantom Price Prediction: Slow Recovery Possible if a Trendline Bounce Occurs

Summary:

The Fantom price prediction is for a price recovery to be dependent on a price bounce on the trendline pivot.

There is not much news out there to dictate the Fantom price predictions in the near term. The last analysis of this pair showed the double bottom with troughs at the 1.9369 support. This double bottom has since resolved, but last week’s crypto market selloff prevented further upside moves.

There has been a general recovery in the crypto market after the emergence of the Omicron coronavirus variant caused a huge slump in risky assets on Friday. The recovery in the Fantom price has been modest, with the FTM/USDT pair notching up gains of 0.9% as of writing. Here is the Fantom price prediction outlook for this week.

Fantom Price Prediction

Following the completion of the double bottom pattern at the 2.6196 resistance, the price retreat from this level took out the 2.3172 support. It touched off the 1.9369 pivot before resting on the ascending trendline, connecting recent lows.

A bounce on this line allows for a test of the 2.3172 barrier. If this barrier gives way, the 2.5968 resistance comes into view. 3.0005, 3.1727 (8/9 November highs), and 3.4816 are all barriers that stand between the bulls and new record highs on Fantom.

The bullish price prediction above is negated if the bears drive down prices below the ascending trendline and the 1.9369 support. 1.6494 and 1.4732 (16 September and 4 October highs) are additional price targets to the south, as is the 21 September low at 0.9415.