- Current Fantom Price Performance
- Technical Analysis Indicators
- FTM Price Potential to Reclaim $1
Amid the crypto market downturn and liquidation of long positions worth $174M, Fantom (FTM) price shows signs of an uplift. Let's examine the current state and potential growth prospects.
Current Fantom Price Performance
As of publication, Fantom price stands at $0.38, up by 4% overnight, surpassing the 20-day EMA. However, the FTM price forms a doji candle, indicating a struggle with the $0.40 resistance level. On the daily chart, FTM price shows a falling wedge from the peak at $1.22 to a low of $0.26, accounting for a 78.59% drop since March 2024. On a positive note, FTM price reveals a bull cycle from the support trendline, recording a 33.51% rise in the last 11 days.
Technical Analysis Indicators
The RSI indicator on the daily chart bounces back from the oversold region to the halfway line, indicating a sudden increase in demand and supporting the positive cycle. However, intense bearish correction led to a death cross between the 50-day and 200-day EMAs, and the 100-day EMA crossing below the 200-day EMA, indicating a bearish alignment of all key EMAs on the daily chart.
FTM Price Potential to Reclaim $1
Breaking the $0.40 resistance level could lead to the confluence of the 50-day EMA and the resistance trendline at $0.45. Conversely, a bearish reversal from the $0.40 resistance level could test the $0.29 support level before potentially dropping to the support trendline at $0.22. The optimistic scenario suggests a bullish breakout from the falling wedge could lead to a significant surge with resistance levels at $0.62 and $0.93. Therefore, Fantom shows an upside potential of 140% from the current market price.
In the near future, Fantom price might face significant volatility but maintains substantial growth potential. It is essential to closely monitor resistance levels and key technical indicators.
