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Being bullish during the bloodbath in the crypto-verse, the FTM coin price gains trend momentum and aims to reach $3 by the start of 2022.
Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts. The Fantom Foundation was founded by South Korean computer scientist Dr. Ahn Byung Ik. The current CEO of the foundation is Michael Kong.
Fantom's team has vast experience in the area of full-stack blockchain development and they set out to develop an intelligent contract platform that prioritizes decentralization, scalability, and security.
Let us read ahead to know more about Fantom token technical analysis.
Past Performance of FTM
The FTM coin price shows a bullish reversal from $1.25 to create a rounding bottom pattern in the daily chart. The reversal breaks above the neckline of the pattern and rises higher after retesting the pattern. Therefore, since the reversal, the coin price has increased by more than 80% in the past two weeks.
FTM/USD Daily Chart
FTM Technical Analysis
The FTM coin price action forms a morning star pattern in the daily chart to rise higher after retesting the support zone at $2. The coin price has increased by 10% in the past 24 hours, at press time.
Therefore, the increasing trend momentum teases a bull run above $3.15, the highest horizontal level in the daily chart. The breakout can result in a new all-time high formation above $3.5.
The RSI indicator at 65% shows the 14 days SMA breaking above the center mark in the daily chart. The indicator hints at the buying pressure reaching the saturation level as the slope approaches the overbought zone. Therefore, a small retracement is possible in the FTM coin price.
The MACD indicator reflects a weakness in the bullish histograms as the intensity weakens. However, the MACD and signal lines maintain an uptrend in the daily chart. Therefore, a recovery in trend is possible.
Upcoming Trend
The retest of the rounding bottom breakout in the daily chart increases the chances of an enhanced bull. However, the FTM coin price needs to close above $2.5 to overcome the supply that caused the previous higher price rejection.
Traders can find the influential horizontal levels of $2.5 and $3.15 playing a key role in the future trend. On the other hand, the $2 support zone and $1.8 level take the opposite role.