As Fantom (FTM) breaks through the psychological milestone of $1 in a bull market, will the round bottom breakout cause the price to soar to $1.74?
Fantom has broken through the $1 threshold, becoming one of the best-performing companies in the cryptocurrency market. It surged by 10.92% in the last 24 hours, with a 7-day increase of nearly 60%.
Fantom's market capitalization has surpassed $3 billion, demonstrating significant potential for parabolic recovery. Will this rebound lead to an additional 50% increase? Let's take a look.
Fantom (FTM) Price Analysis
On the weekly chart, the FTM price trend shows a round bottom reversal with strengthened momentum. Starting from the 23.6% Fibonacci level of the morning star formation, the upward trend has risen over 300% since August.
The bull market started from the low of $0.2631 on August 5 and has currently reached a market price of $1.09. After completing the round bottom reversal, Fantom's price is challenging the neckline stage.
The head and shoulders neckline coincides with the 61.80% Fibonacci level at $1.05. Additionally, the resistance zone extending from $1.03 to $1.11 has stimulated supply above.
The FTM price trend shows that the round bottom reversal has exceeded the long-term resistance trend line. Furthermore, the recent surge has broken through the local resistance trend line that restricted bull market growth.
The weekly RSI is gradually approaching the overbought boundary of 84.90. Based on the previous peak of 84.90, the RSI shows considerable further rebound potential.
The weekly EMA line is expanding, indicating a bullish gap as the upward trend continues. Therefore, technical indicators suggest that Fantom's bull market may persist.
Fantom Network Boosts FTM Rebound
As the FTM price skyrockets, the Fantom network is also showing positive numbers. According to FTM Scan, the number of unique addresses on the Fantom network has reached 180 million. Furthermore, the daily addition of approximately 18,000 unique addresses may accelerate the speed at which the Fantom network reaches 200 million unique addresses.
Additionally, the total value locked (TVL) of Fantom is $134.35 million, gradually approaching the 52-week high of $227.44 million. As the network develops, the demand for FTM tokens is directly increasing.
Fantom Price Targets
According to the Fibonacci levels, a sustained upward trend with weekly closing prices above the neckline may trigger significant increases. The immediate resistance level is $1.7457, representing a 60% upside potential from the current market price.
On the other hand, the 50% Fibonacci level of $0.7387 will remain a key support level for Fantom.
