With a $1 Breakout, Can Fantom (FTM) Price Reach $1.66?

Published by

Sohrab Khawas

November 25, 2024

With a $1 Breakout, Can Fantom (FTM) Price Reach $1.66?

Despite the sudden increase in volatility in the crypto market, as Bitcoin struggles to eclipse the $100,000 barrier, the altcoins are sustaining a bullish trend. The FTM price has increased nearly 35% over the past 7 days and has reached a market cap of $2.7 billion.

Currently, the Fantom price is heading to reclaim the $1 psychological mark as the underlying bullish sentiments are on the rise. Will this $1 breakout result in a parabolic price surge in the FTM price trend? Let’s find out in Coinpedia’s latest Fantom price analysis.

Fantom Price Performance

In the daily chart, the FTM price action showcases a streak of four consecutive bullish candles. The streak started from the 100-day EMA near the $0.64 mark and peaked at the $1 psychological mark. This accounts for a 56.49% price surge in just four days.

However, the intraday pullback of 3.90% reveals the massive overhead supply absorbing the demand surge. The FTM price analysis showcases a resistance trendline breakout surpassing the 78.60% Fibonacci level at $0.9610.

The intraday pullback comes as a potential retest of the breakout rally, increasing the post-retest reversal bull run chances. With the resistance trendline breakout, the FTM price trend has outgrown the rising channel pattern and is likely to reach the $1.14 neckline.

This will complete the rounding bottom reversal and increase the chances of a new 52-week high.

Technical Indicators:

EMA: Supporting the bullish chances, the 50-day, 100-day, and 200-day EMA are in a positive alignment.

MACD: The MACD indicator showcases the average line skyrocketing with the surge of bullish histograms. Hence, the technical indicators are maintaining a buy signal for Fantom.

Will FTM Price Hit $1.66?

Currently, the 52-week high stands at $1.2291, revealing an upside chance of nearly 30%. The Fibonacci levels paint an optimistic target at $1.3748, followed by the $1.66 resistance level.

If the FTM price fails to sustain above the $0.96 mark, the downfall could retest the broken resistance trendline near the $0.85 level.

Will the FTM price rally result in a jump to the $2 mark? Find out now in Coinpedia’s latest Fantom price prediction.

FAQs

What is the recent performance of FTM?

FTM has surged nearly 35% in the past 7 days, with a 56.49% increase in just four days, reaching the $1 psychological mark.

What is the next key target for FTM?

If the $1 breakout holds, FTM is likely to reach $1.14, completing a rounding bottom reversal, and possibly a new 52-week high at $1.2291.

What are the downside risks for FTM?

A failure to sustain above $0.96 could lead to a retest of the broken resistance trendline near $0.85.

Sohrab Khawas

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.