Fantom has recently surpassed the 50% Fibonacci level at $0.71, indicating a potential breakout rally to $1 if this momentum continues.
Altcoins are back in the game as the broader cryptocurrency market witnesses a boost in bullish momentum. Among the top-performing altcoins, the DeFi token Fantom is gradually building momentum and revealing significant upside potential.
With a 7.31% surge in the past seven days and a $2.11 billion market cap, Fantom prepares for a high-momentum breakout rally. Will this breakout rally lead to a price jump above the $1.00 psychological mark? Let’s find out.
Fantom Price Analysis
Currently, the FTM token is trading at $0.7543 with an intraday pullback of 0.61%. However, Fantom increased by 3.48% last night, resulting in a second consecutive bullish candle and a breakout above the $0.75 psychological mark.
In the daily chart, Fantom’s recovery rally has a rounding bottom pattern that breaks above a long-term falling channel. This breakout has shifted the price action between the $0.61 and $0.71 boundaries.
https://x.com/thecryptobasic
These two key levels align with the 38.20% and 50% Fibonacci levels, respectively. Amid the broader market recovery, a 15% jump in the first two days of this week led to a bullish breakout.
Short-term price action indicates a flag channel breakout, with FTM surpassing the 50% Fibonacci level. Moreover, the medium-term trend shows a rounding bottom breakout rally.
Technical Indicators Support Fantom
With the DeFi token gaining momentum from various bullish patterns, the uptrend is likely to continue. The MACD and signal line have generated a positive crossover, with bullish histograms resurfacing.
Additionally, the 100-day and 200-day EMAs have shown a bullish crossover, signaling a buying opportunity for Fantom.
Will Fantom Reach $1?
According to the Fibonacci levels, the recovery rally could reach the psychological $1 mark if it surpasses the 61.80% level at $0.8186. If the broader market recovery continues to support Fantom’s momentum, the price could potentially reach $1.1442 by the end of this month, increasing the likelihood of setting a new 52-week high above $1.2291.
On the flip side, a potential retest of the $0.7181 breakout level is possible, with the next support at the 50-day EMA, currently at $0.6064.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/16/fantom-targets-1-after-surpassing-key-fibonacci-level/?utm_source=rss&utm_medium=rss&utm_campaign=fantom-targets-1-after-surpassing-key-fibonacci-level