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.
On the weekly chart, the FTM price trend reveals a rounding bottom reversal, gaining momentum. Starting from the 23.6% Fibonacci level with the Morning Star pattern, the uptrend has risen more than 300% since August.
The bull run started from a low point of $0.2631 on August 5 and has reached the current market price of $1.09. Completing the rounding bottom reversal, the Fantom price challenges the neckline stage.
The overhead neckline coincides with the 61.80% Fibonacci level at $1.05. Furthermore, a resistance zone extending from $1.03 to $1.11 fuels the overhead supply.
The FTM price trend shows the rounding bottom reversal surpassing the long-standing resistance trend line. Furthermore, the recent surge has broken above a local resistance trend line that had been limiting bullish growth.
The weekly RSI is gradually approaching the overbought boundary at 84.90. Based on the previous peak at 84.90, the RSI shows considerable room for further recovery.