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With Fantom’s FTM token surging by 51%, sparking a bullish breakout, could the price of FTM reach $1?
Fantom is gaining momentum in the crypto world, demonstrating a bullish trend and setting the stage for a potential breakout rally. With the recent channel breakout signaling a prime buying opportunity, the broader market is eyeing a $1 target.
Can Fantom’s bullish recovery surpass the current resistance and reach the $1 psychological level? Let’s explore the possibilities.
Fantom Breakout Run Exceeds 200D EMA
The Fantom price trend reveals a falling channel pattern in the daily chart. However, the recent bull cycle changes the landscape with the breakout rally. Over the past ten days, the FTM price has surged by 51.51%, starting from a support level of $0.37.
In the longer term view, Fantom’s price has rebounded from a low of $0.2919 in early August. As the bullish momentum increases, buyers are solidifying their position above the $0.50 psychological level, pushing past the overhead trendline.
The surge in bullish momentum has led Fantom to surpass the 23.60% Fibonacci retracement level at $0.49 and the 200-day EMA. Additionally, the recent three-day rally, marked by a triple white soldier pattern, has resulted in an 18% increase.
With the growing bullish influence, the rising 50-day EMA suggests a potential golden crossover on the horizon.
Will Fantom Reach $1?
Currently, the FTM price is trading at $0.5636, with an intraday gain of 8.36%, forming a bullish engulfing candle. The MACD indicator, influenced by the ongoing breakout, shows both the MACD and signal lines on an upward trajectory.
As the uptrend continues, the bull run is expected to target the 38.20% Fibonacci level at $0.6175. Further resistance levels based on Fibonacci retracements are at 50% ($0.7181), 61.80% ($0.8186), and 78.60% ($0.9618).
With multiple resistance levels below the $1 mark, Fantom’s bull run may face challenges in reaching this psychological level. Conversely, the support level at $0.4930 is likely to remain robust.