With a $1 Breakout, Can Fantom (FTM) Price Reach $1.66?
Despite the sudden increase in volatility in the crypto market, as Bitcoin struggles to eclipse the $100,000 barrier, the altcoins are sustaining a bullish trend. The FTM price has increased nearly 35% over the past 7 days and has reached a market cap of $2.7 billion.
Currently, the Fantom price is heading to reclaim the $1 psychological mark as the underlying bullish sentiments are on the rise. Will this $1 breakout result in a parabolic price surge in the FTM price trend? Let’s find out in Coinpedia’s latest Fantom price analysis.
Fantom Price Performance
In the daily chart, the FTM price action showcases a streak of four consecutive bullish candles. The streak started from the 100-day EMA near the $0.64 mark and peaked at the $1 psychological mark. This accounts for a 56.49% price surge in just four days.
However, the intraday pullback of 3.90% reveals the massive overhead supply absorbing the demand surge. The FTM price analysis showcases a resistance trendline breakout surpassing the 78.60% Fibonacci level at $0.9610.
The intraday pullback comes as a potential retest of the breakout rally, increasing the post-retest reversal bull run chances. With the resistance trendline breakout, the FTM price trend has outgrown the rising channel pattern and is likely to reach the $1.14 neckline.
This will complete the rounding bottom reversal and increase the chances of a new 52-week high.
Technical Indicators:
EMA: Supporting the bullish chances, the 50-day, 100-day, and 200-day EMA are in a positive alignment.
MACD: The MACD indicator showcases the average line skyrocketing with the surge of bullish histograms. Hence, the technical indicators are maintaining a buy signal for Fantom.
Will FTM Price Hit $1.66?
Currently, the 52-week high stands at $1.2291, revealing an upside chance of nearly 30%. The Fibonacci levels paint an optimistic target at $1.3748, followed by the $1.66 resistance level.
If the FTM price fails to sustain above the $0.96 mark, the downfall could retest the broken resistance trendline near the $0.85 level.
