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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 10, 2024 09:38 UTC
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FTM Price Needs Quick Reversal To Hit $1 This May
The falling price of the FTM halts at the demand zone near $0.65.
The weekly chart shows FTM price trading under the 23.60% Fibonacci level.
The Fantom price could reclaim the $1 psychological mark to revive the uptrend.
Following the bearish reversal from the $1.15 mark, the FTM price drops under the $1 psychological mark. However, despite the increased market volatility, the Fantom token’s price sustains dominance at the crucial support zone of $0.65.
With the broader market recovery, the altcoins are experiencing a surge in trading volume. Will this turning around pump the Fantom price above $1? Find out more in our FTM price prediction, which projects a sprint to $10 in 2024.
FTM Price Performance
With a 26% drop in the last 30 days, the FTM price continues a sideways trend over the $0.65 support zone. The lower price rejection is evident in the Fantom price trend, which has led to a streak of Doji candles.
Further, the lower price rejection takes cushion from the 50W EMA as it rises after the recent golden crossover. With the sideways shift, the weekly RSI line takes a similar shift above the halfway line.
Currently, the FTM price trades at $0.7272 with an intraday growth of 1.35%, following the 8.52% jump last night. Further, the daily chart shows a double bottom reversal in the daily chart, increasing the uptrend chances.
Will FTM Price Surpass $1.50?
In the weekly chart, the streak of Doji candle reflect a high likelihood of a bullish reversal, following the massive drop in April. Further, the 1D chart projects a double bottom reversal increasing the uptrend possibility. In case the uptrend manages to surpass the 23.60% Fibonacci level at $0.90, the Fantom price could reclaim the $1 mark.
Optimistically, the uptrend can reach the $1.73 mark or the 50% Fibonacci level.
Also Check Out : This Altcoin is Poised for a Rebound This Summer, With a Potential Explosive Growth of 100% in the Next Two Months
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