Is Fantom (FTM) Poised for a Price Rally Beyond the $1 Mark?

FTM must flip $0.60 to support for recovery sustainability

• Fantom's recent performance follows the news of the Fantom Foundation partnering with Sonic Labs to launch the Sonic Labs Innovator Fund.

• $FTM sees a 2.60% rise today, forming a bullish engulfing candle and creating a morning star candlestick pattern.

• The morning star pattern appears at the 78.60% Fibonacci level, coinciding with the $0.50 psychological mark and a support trendline.

•  Increased reversal chances suggest a potential bull cycle within the falling wedge pattern.

• The #Fantom price is currently battling resistance from the upper boundary of the descending parallel channel at $0.5834.

• A daily candlestick closing above this level would indicate a bullish breakout from the bearish chart pattern.

• According to Fibonacci levels, a bullish reversal from the 78.60% level could soon target the 61.80% mark at $0.63.

• According to Coin Gabbar analysis, Failure to breach the upper channel boundary may keep FTM within the channel, risking lower lows, with $0.4583 as key support.

KEY LEVELS :

RESISTANCE LEVEL : $0.7800-$1.000

SUPPORT LEVEL : $0.4800-$0.3000

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