coinedition.com
The price of Fantom (FTM) has risen over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of FTM is up 4.51% over the last 24 hours to trade at $0.2256.
Not only has FTM strengthened against the US Dollar over the last 24 hours, but has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), as well. Currently, FTM has gained 3.65% against BTC and 3.06% against ETH.
FTM’s daily chart is showing bullish signs following the upside breakout out of the falling wedge patterns on its daily chart. Crypto analyst, Captain Faibik, tweeted this morning that this breakout suggests 5-6x gains will follow after FTM’s breakout in the medium term.
Technical indicators that support this bullish thesis are the daily RSI indicator and the relative positions of the 9-day and 20-day EMA lines.
At press time, the daily RSI line is sloped positively towards the overbought territory. In addition to this, the daily RSI line is positioned well above the daily RSI SMA line.
There has also been a bullish cross of the 9-day and 20-day EMA lines recently. Yesterday, the 9-day EMA line crossed above the longer EMA line, signaling a continuation of the current bullish trend.
FTM’s price will now need to overcome the resistance level at $0.2330 before investors can brace for a 5-6x gain in the medium term. Thereafter, the next target for the altcoin’s price will be $0.2421.
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