After trading under an intense bearish sentiment for a brief period, the Fantom price has recorded a strong bullish reversal amid ongoing cross-border market recovery. Moreover, with a 60% surge within 30 days, investors are curious about the possibility of it achieving the $1 mark.
Are you one of many who are planning on resurfacing altcoin? Dive in as, in this article, we have covered the in-depth research of Fantom (FTM) crypto token.
FTM Price Forms A Rounding Bottom Pattern!
This altcoin has jumped 12.82% in the past 24 hours with a trading volume of $397.53 million. Further, with a jump of 32.86% over the past week, the Fantom price is on the verge of experiencing a multi-pattern breakout in the 1D time frame, highlighting increased bullish action.
Notably, it has formed a rounding bottom pattern and has continued to trade within it since June. Moreover, it has also formed a rising channel pattern after achieving the local low. Amid a bullish reversal and a trading price of $0.6416, it is hovering close to its resistance levels of the trend patterns.
The EMA 50/200-day shows a bullish rise in the FTM price chart. Further, with a high possibility of a Golden Cross, the technical indicator suggests a positive outlook for the altcoin in the coming time.
Moreover, the Relative Strength Index (RSI) has breached the overbought range in the 1D time frame with its average trendline recording a bullish curve. This indicates that the Fantom crypto will continue gaining value this week.
Will Fantom Ever Recover?
A bullish breakout could result in this altcoin heading toward its 3-month high of $0.680. Maintaining the price at that level will set the stage for the FTM price to head toward its upper resistance level of $0.840 during the upcoming weeks.
On the flip side, a bearish reversal could pull the price of this Ethereum-based altcoin toward $0.5375. Furthermore, if the bearish sentiment intensifies, the Fantom crypto could retest its lower support trendline of the channel pattern.
Curious about FTM’s price projections in the future? Read our Fantom Price Prediction 2024 – 2030
