After a brief period of intense bearish sentiment, the Fantom price has experienced a strong bullish reversal amidst a cross-border market recovery. With a remarkable 60% surge within the last 30 days, investors are eagerly watching to see if it can reach the coveted $1 mark.
If you’re considering diving back into the world of altcoins, Fantom (FTM) is definitely one to keep an eye on. In this article, we’ll delve into a comprehensive analysis of the Fantom crypto token.
### FTM Price Forms A Rounding Bottom Pattern!
In the past 24 hours, Fantom has seen a significant 12.82% jump in price, with a trading volume of $397.53 million. Over the course of the week, the price has surged by 32.86%, hinting at a potential multi-pattern breakout in the 1D time frame, signaling increased bullish activity.
A noteworthy observation is the formation of a rounding bottom pattern that Fantom has been trading within since June. Additionally, a rising channel pattern has emerged after reaching a local low. Currently trading at $0.6416, the price is approaching the resistance levels of these trend patterns.
The EMA 50/200-day indicators display a bullish trend in the FTM price chart. A Golden Cross is also on the horizon, indicating a positive outlook for the altcoin in the near future.
Furthermore, the Relative Strength Index (RSI) has broken through the overbought range in the 1D time frame, with the average trendline showing a bullish curve. This suggests that Fantom will likely continue to appreciate in value over the coming week.
### Will Fantom Ever Recover?
A bullish breakout could propel Fantom towards its 3-month high of $0.680. Sustaining this price level could pave the way for a further climb towards the upper resistance level of $0.840 in the weeks ahead.
Conversely, a bearish reversal could push the price down towards $0.5375. In the event of intensified bearish sentiment, Fantom may retest the lower support trendline of the channel pattern.
For those interested in projecting Fantom’s future price movements, be sure to check out our Fantom Price Prediction 2024 – 2030.
As the market continues to evolve, Fantom remains a cryptocurrency worth monitoring closely. Stay tuned for more updates on this promising altcoin.