Only up? The inverse head and shoulders pattern on Fantom’s daily chart suggests that $FTM could extend its current 125% rally.
) looks poised to hit a new record high in the coming sessions after its 125% price rebound from $1.23 on Dec. 14, 2021, to $2.84 on Jan. 3, 2022 triggered a classic bullish reversal setup., the setup appears when an asset forms three troughs below a so-called neckline resistance, with the middle trough deeper than the left and right shoulder.
The price of FTM has recently undergone a similar price trajectory, as shown in the chart below. As a result, FTM has a common resistance in the range defined by $2.55 to $2.74, which encompasses the length of the inverse head and shoulders pattern.Could Fantom rally by another 50%?world, an IH&S pattern would normally result in a bullish breakout once the price closes decisively above the neckline level.
That somewhat leaves FTM with the possibility of pursuing its IH&S profit target of $4.33 despite its overvaluation risks. What could follow is a correction towards its 20-day exponential moving average around $2.09.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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