Altcoins are making a comeback as bullish sentiment sweeps across the cryptocurrency market. Leading the charge is Fantom (FTM), a DeFi token that has gained significant momentum and is eyeing a potential breakout rally. With a 7.31% surge in the past week and a market cap of $2.11 billion, Fantom’s price trajectory suggests it may soon cross the psychological $1.00 mark. But will the token maintain its momentum, or is a pullback in store?
Fantom’s Price Overview
Currently trading at $0.7543, Fantom has seen a slight 0.61% intraday pullback following a strong performance earlier in the week. A 3.48% surge overnight led to two consecutive bullish candles, breaking through the critical $0.75 resistance level.
In the daily chart, the recovery rally forms a rounding bottom pattern, signaling a bullish reversal. Additionally, the token has escaped from a long-term falling channel, shifting price action between $0.61 and $0.71—levels that align with the 38.20% and 50% Fibonacci retracement points.
The bullish breakout, fueled by a 15% jump over two days, further strengthens Fantom’s chances of reaching higher price targets.
Bullish Technical Indicators Signal Further Growth
Several technical indicators point toward continued upside for Fantom. The MACD indicator shows a bullish crossover, with the histogram turning positive, indicating growing buying pressure. Furthermore, the 100-day and 200-day EMAs have also crossed bullishly, providing additional confirmation of the uptrend.
In the short term, a flag pattern breakout has lifted FTM above the 50% Fibonacci level, suggesting that further gains are on the horizon.
Can Fantom Hit the $1 Milestone?
The next key resistance for Fantom lies at the 61.80% Fibonacci level of $0.8186. Should Fantom surpass this level, it will likely move toward the $1 psychological barrier. If broader market conditions remain favorable, Fantom could even reach $1.1442 by month-end. A new 52-week high at $1.2291 is also within reach, depending on sustained bullish momentum.
However, if a correction occurs, FTM could retest the $0.7181 breakout level, with additional support at the 50-day EMA near $0.6064. A failure to hold these levels might stall the rally, causing short-term volatility.
Also Read: IOTA EVM TVL Surges 113% in 30 Days, Leaving Bitcoin and Fantom in the Dust
With strong technical patterns and favorable market conditions, Fantom appears primed for a breakout rally. If the token can clear the key resistance levels, the $1 mark could be just the beginning of a more significant upward movement. However, traders should watch for any pullbacks, as a test of lower support levels remains a possibility.
As the broader crypto market continues its recovery, Fantom is emerging as a standout altcoin worth watching closely. Will it achieve the long-anticipated $1 milestone? Only time will tell.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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