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Cryptocurrency News Articles
Fantom (FTM) Teases a Bullish Comeback, Will the Price Trend Reach the $1 Mark?
Oct 08, 2024 at 04:53 pm
The Fantom DeFi token is teasing a bullish comeback amid the increasing broader market volatility. Currently, it is trading at $0.6792, with a 24-hour gain of 2.26%.
output: After teasing a bullish comeback, the Fantom (FTM) price trend showcases a 2.26% gain within 24 hours. Currently trading at $0.6792, the DeFi token is nearing the $2 billion market cap. As the broader marketȊs volatility increases, will the bullish trend help FTM reach an optimistic target of $1? Let’s find out.
Fantom’s Flag And Other Bullish Patterns
A falling channel breakout in the daily Fantom price trend is gaining momentum. This also forms a rounding bottom reversal with a neckline near $0.7181.
The FTM price trend recorded a 52-week low of $0.2631 during the falling channel pattern. Since then, the DeFi token’s price has increased by 157.51% over the past two months.
Amid the growing momentum of the recovery rally, Fantom has surpassed the $0.50 psychological mark, leading to increased bullish influence. This fuels a golden crossover between the 50-day and 200-day EMAs.
Furthermore, the 100-day and 200-day EMAs are on the verge of a bullish crossover. The MACD and signal lines, supporting the technical indicators, are also nearing a bullish crossover, increasing the chances of a breakout rally.
Where’s Fantom Headed?
Currently, Fantom is situated between the 38.20% and 50% Fibonacci levels, ranging from $0.61 to $0.71. In the short term, the price trend showcases a bullish flag within the rounding bottom pattern.
The positive cycle within the bullish flag challenges the overhead trend line with three consecutive bullish candles. With multiple variables at play, the entry point for price action traders remains at the breakout of the 50% Fibonacci level.
In the event of a bullish extension, upcoming price targets for Fantom are $0.81 and $0.96, corresponding to the 61.80% and 78.60% Fibonacci levels. Meanwhile, the falling channel breakout suggests a potential target of $1.14 by the end of this month if the broader market recovers.
On the flip side, support levels for Fantom are at $0.61 and $0.49.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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