Bitcoin surged 7.64% overnight to $65,000, leading to a recovery in the altcoin sector. In the midst of a new bull market, FTM price showed an incredibly fast move overnight, leading to a trend reversal.
As Fantom’s uptrend gains momentum, the altcoin offers sideline traders a breakout entry opportunity. Is this a breakout rally that could push Fantom price above $1? For more information, check out his FTM price prediction predicting a sprint to $10 in 2024.
Fantom price performance
Down 26% in the past 24 hours, the FTM token price shows a fierce bullish reversal from $0.64. A sudden turnaround due to market recovery ended Fantom’s integration phase. Once this range formation ends, sideline traders expect a bull run to begin in the coming weeks.
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Additionally, FTM price action shows a bullish reversal breaking above the resistance trendline and exiting the pullback phase. Therefore, once momentum is unleashed, Fantom token could quickly surpass $1.
FTM price is currently trading at $0.8016, with an intraday increase of 5.39% following an 18.38% increase overnight. A bull market is more likely than ever as trading volumes surge to reinforce the massive rally currently underway.
technical indicators:
RSI: The daily RSI line shows a bullish spike, almost touching the 70% line, reflecting the sudden boom in demand. Therefore, momentum indicators support Fantom’s bullish view.
EMA: A bullish surge above the 50D EMA negates the possibility of a death cross on the daily chart.
Will the FTM price be above $1.50?
According to the trend-based Fibonacci levels, the FTM price reversal up will challenge the 23.60% level at $0.8194. If this momentum continues, the price of Fantom token could reach the $1 level this month. Optimistically, the bulls could reach the 1.618 fib level at $1.85.
