With the meme coin rally taking it easy, the broader market finds altcoins from different segments taking centre stage. Apart from the AI tokens, the FTM price jump reveals a new interest in the DeFi tokens.
With a bullish reversal, the sideline traders anticipate a trend reversal in the DeFi token. Will this resurgence of demand in Fantom lead to a price jump beyond $1? Find out more in our FTM price prediction.
With a 6% jump today, Fantom forms a bullish engulfing candle to create a morning star candlestick pattern. This pattern generally marks the ending of a pullback phase when formed at a crucial support. In this case, the FTM price action forms the morning star at the 78.60% Fibonacci level at the $0.50 psychological mark and the support trendline.
With the increased reversal chances, the bull cycle possibility within the falling wedge pattern is increasing. The reversal chances arise after the massive correction rally of 36% in just 14 days.
The FTM price trades at $0.5796, with an intraday growth of 6.01% following last night’s failed price jump, leading to a long-wick candle. Further, the sudden jump in the trading volume supports the upcycle chances.
Therefore, if the demand sustains, the bull cycle in Fantom can challenge the overhead resistance trendline for a breakout possibility.
Technical Indicators:
RSI: The daily RSI line shows a rounding reversal from the oversold boundary, bolstering the upcycle chances. However, the indicator shows hardly any bullish divergence to signal a stronger uptrend in Fantom.
EMA: The previous correction rally creates immense bearish influence over the chart, leading to a downtick in the 50D EMA. Hence, this creates panic with the possibility of a death cross.
As per the Fibonacci levels, the bullish reversal in Fantom from the 78.60% level can shortly challenge the 61.80% mark at $0.63. Considering that the buyers have overcome the supply zone at $0.63, the bullish rally in FTM price will put tension at the resistance trendline, near $0.73 or the 50% Fibonacci level.
Optimistically, in case of a long-term uptrend, the pattern breakout rally can scale to the $1 psychological mark.
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