The post With a $1 Breakout, Can Fantom (FTM) Price Reach $1.66?  appeared first on Coinpedia Fintech News

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. 

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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.

Will the FTM price rally result in a jump to the $2 mark? Find out now in Coinpedia’s latest Fantom price prediction.

FAQs

What is the recent performance of FTM?

FTM has surged nearly 35% in the past 7 days, with a 56.49% increase in just four days, reaching the $1 psychological mark.

What is the next key target for FTM?

If the $1 breakout holds, FTM is likely to reach $1.14, completing a rounding bottom reversal, and possibly a new 52-week high at $1.2291.

What are the downside risks for FTM?

A failure to sustain above $0.96 could lead to a retest of the broken resistance trendline near $0.85.