Will FTM Price Rally Reach $1.74?

As the bull run in Fantom (FTM) surpasses the $1 psychological milestone, will the rounding bottom breakout lead to a surge to $1.74?

Having surpassed the $1 mark, Fantom is one of the top performers in the crypto market. With a 10.92% surge in the past 24 hours, the 7-day gains have increased to nearly 60%. 

Crossing the $3 billion market cap, Fantom shows high potential for a parabolic recovery. Will this rally result in an additional 50% surge? Let’s find out.

Fantom (FTM) Price Analysis

On the weekly chart, the FTM price trend reveals a rounding bottom reversal, gaining momentum. Starting from the 23.6% Fibonacci level with the Morning Star pattern, the uptrend has risen more than 300% since August.

The bull run started from a low point of $0.2631 on August 5 and has reached the current market price of $1.09. Completing the rounding bottom reversal, the Fantom price challenges the neckline stage. 

The overhead neckline coincides with the 61.80% Fibonacci level at $1.05. Furthermore, a resistance zone extending from $1.03 to $1.11 fuels the overhead supply. 

The FTM price trend shows the rounding bottom reversal surpassing the long-standing resistance trend line. Furthermore, the recent surge has broken above a local resistance trend line that had been limiting bullish growth.

The weekly RSI is gradually approaching the overbought boundary at 84.90. Based on the previous peak at 84.90, the RSI shows considerable room for further recovery.

The weekly EMA lines are widening, indicating a bullish gap as the uptrend continues. Thus, the technical indicators suggest that Fantom’s bull run is likely to continue.

Fantom Network Fuels FTM Rally

As FTM’s price surges, the Fantom network is showing positive numbers. According to FTMscan, the number of unique addresses on the Fantom network has reached 180 million. Additionally, the daily increase of ~18,000 unique addresses will likely accelerate the drive toward 200 million unique addresses on the Fantom network.

Furthermore, the total value locked (TVL) on Fantom is at $134.35 million, gradually approaching the 52-week high of $227.44 million. As the network grows, the demand for the FTM token is directly increasing.

Fantom Price Targets

Based on the Fibonacci levels, an uptrend continuation with a weekly close above the neckline could trigger a massive surge. The immediate resistance stands at $1.7457, offering an upside potential of 60% from the current market price.

On the other hand, the 50% Fibonacci level at $0.7387 will remain a crucial support level for Fantom.