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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 16, 2024 05:45 UTC
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Aggressive Buyers Bring Trend Reversal In FTM Price, Eyes $1
The bullish reversal in FTM price breaks above the resistance trendline.
The Fantom token price has increased by 26% in the last 24 hours.Â
An uptrend continuation could pump the token well above $1.
Bitcoin surged back to $65,000 with an overnight jump of 7.64%, bringing an altcoins sector recovery. Amidst the new bull run, the FTM price shows an amazing high-speed overnight move, leading to a trend reversal.
As the uptrend in Fantom gains momentum, the altcoin offers a breakout entry opportunity for sideline traders. Is this the breakout rally which could pump the Fantom price above $1? Find out more in our FTM price prediction, which projects a sprint to $10 in 2024.
Fantom Price Performance
With a 26% drop in the last 24 hours, the FTM token price shows a breakneck bullish reversal from $0.64. The sudden turnaround with market recovery concludes the consolidation phase for Fantom. As this range formation ends, the sideline traders anticipate a bull run in the coming weeks.
Further, the FTM price action shows the bullish reversal breaking above the resistance trendline, concluding the pullback phase. Hence, as the momentum unleashes, the Fantom token could soon surpass $1.
Currently, the FTM price trades at $0.8016 with an intraday growth of 5.39%, following the 18.38% jump last night. As the trading volume spikes to bolster the ongoing massive surge, the chances of a bull run are bigger than ever.
Technical Indicators:
RSI: The daily RSI line shows a bullish spike, almost reaching the 70% line, reflecting a sudden boom in demand. Hence, the momentum indicator supports the bullish view for Fantom.
EMAs: The bullish surge breaking above the 50D EMA negates the death cross possibility in the daily chart.
Will FTM Price Cross $1.50?
As per the trend-based Fibonacci levels, the FTM price reversal rally challenges the 23.60% level at $0.8194. If the momentum persists, the Fantom token price could hit the $1 mark this month. Optimistically, the bull run could reach 1.618 Fib level at $1.85.
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