Fantom (FTM) Price Analysis: Will the Rounding Bottom Breakout Lead to a Surge to $1.74?

As the bull run in Fantom (FTM) surpasses the $1 psychological milestone, will the rounding bottom breakout lead to a surge to $1.74?

As the bull run in Fantom (FTM) surpasses the $1 psychological milestone, will the rounding bottom breakout lead to a surge to $1.74?

Having surpassed the $1 mark, Fantom is one of the top performers in the crypto market. With a 10.92% surge in the past 24 hours, the 7-day gains have increased to nearly 60%.

Crossing the $3 billion market cap, Fantom shows high potential for a parabolic recovery. Will this rally result in an additional 50% surge? Let’s find out.

Key Points:

- Fantom (FTM) price analysis reveals a rounding bottom breakout on the weekly chart.

- The breakout is supported by increasing volume and a bullish divergence in the RSI.

- A close above the breakout level could trigger a surge to $1.74, while failure to hold the level could lead to a drop to $0.73.

FTM price is up more than 10% today and has broken out of a rounding bottom reversal on the weekly chart. The breakout is also supported by increasing volume and a bullish divergence in the RSI.

If the breakout holds, FTM price could continue to rally and reach the next resistance level at $1.74. This level coincides with the 1.618 Fibonacci extension level and is also a psychological resistance level.

On the other hand, if FTM price fails to hold the breakout level, it could drop back to the 50% Fibonacci level at $0.73. This level also coincides with a support zone that has been tested multiple times in the past.

Overall, the technical analysis suggests that FTM price is bullish and could continue to rally in the coming weeks. However, traders should be aware of the overhead resistance levels and adjust their trading strategies accordingly.

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