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Will Fantom (FTM) continue the three-day bullish run by surpassing the $0.50 psychological barrier for a breakout run to $0.76?
Fantom starts a fresh recovery run with the broader market recovery and is ready for a breakout run. However, the uptrend faces crucial resistance and is ready for a massive surge ahead. Is this breakout run possible?
Fantom Nears Falling Channel Breakout
With an 11% jump in the last 24 hours, the Fantom token trades at $0.4905. Accordingly, its valuation now stands at over $1.367 billion, ranking it the 51st biggest crypto asset in the market.
In the daily chart, the FTM price reveals a solid resistance trendline, keeping the bearish influence intact. However, with the presence of a declining support trendline, the Fantom price action reveals a falling channel pattern.
In the ongoing bull cycle, FTM struggled to maintain dominance above the 100-day EMA, leading to a pullback from late August. This correction, occurring between August 26 and September 6, saw a 29% decline from $0.5229 to $0.3702.
However, the market showed a positive reversal last weekend, with FTM rebounding by 31.02% and forming a triple white soldier pattern, signaling renewed bullish momentum.
Crypto Rand Highlights Fantom Breakout Run
Amid the recovery rally, Crypto Rand, a known trader and investor behind RR2 Capital, recently tweeted about the FTM breakout. He noted that FTM has breached the local downtrend resistance, following a bounce and the formation of a new higher low.
This higher low has contributed to the triple white soldier pattern mentioned earlier. Additionally, the stochastic RSI on his chart indicates a positive trend, reinforcing the bullish outlook.
Will Fantom Surpass $0.50?
Currently, Fantom (FTM) is trading at $0.4848, testing the 23.60% Fibonacci level at $0.49. The price is also challenging the 100-day EMA, having already surpassed the 20- and 50-day EMAs, though the latter two remain in a bearish alignment.
Despite this, recent bullish momentum has led to a positive crossover between the MACD and signal lines, suggesting an increased likelihood of a breakout rally.
Should FTM continue its upward movement, the next key targets based on Fibonacci levels are the 38.20% level at $0.6175 and the 50% level at $0.7181. On the downside, crucial support levels include the 50-day EMA at $0.43 and the psychological mark of $0.40.