NOIDA (CoinChapter.com)—Fantom (FTM) skyrocketed with over 75% gains in March, marking its comeback and placing itself squarely in the crosshairs of investors. The recent rally helped FTM price reach its highest levels since April 2022.
Furthermore, a familiar bullish technical pattern called the ‘Falling wedge‘ predicts even more gains for the Fantom token.
Bullish Pattern Promises 1,700% Gains For Fantom
A pair of converging trend lines form the falling wedge pattern. The pattern occurs when an asset’s price makes lower highs and lower lows steeper than the highs.
The familiar pattern typically signals that a reversal to the upside is likely. Customarily, the price target for the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point.
A breakout with substantial volume can signify strong market conviction, thereby increasing the likelihood of continuing the trend.
Per the rules of technical analysis, the FTM price could spike nearly 1,710% to reach a theoretical price target near $14.6 if the pattern pans out.
Fantom Has More Bullish Cues Lined Up
Fantom’s recent updates add to the bullish cues, favoring more gains for its native token. The blockchain platform recently announced a partnership with the socialFi platform Micro3 on Feb. 29.
The collaboration with socialFi simplifies NFT minting on Fantom, offering users faster transactions and lower costs, two critical features for users. Furthermore, the partnership also introduces a new NFT collection, enhancing the value of digital assets for participants and rewarding top contributors.
Additionally, Fantom’s recent gains have attracted whales, with data provider Spotonchain highlighting an unnamed wallet purchasing 4.71 million FTM tokens. Whale transactions can often lead to potential market shifts, suggesting a bullish outlook for Fantom’s near future.
Moreover, retail traders often copy whale trades. Hence, bullish whale movements could help Fantom print more gains.
Furthermore, Fantom has hinted at more updates in the next few months. CNBC crypto trader Ran Neuner stated in an X post that Andre Cronje, Fantom’s co-founder, was working “full steam ahead” on new updates for Fantom.
Neuner claimed that after the conversation, he bought back all the FTM he had sold in the bear market. Upcoming ecosystem updates could translate into more gains for the Fantom token.
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