FTM Price Jumps 17% With A 70% Upside Potential To $1.75
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With the Fantom market cap inching closer to the $3 billion mark, its native token is on a bullish roll. The FTM token price showed a massive overnight jump despite the weakness in the overall market as Bitcoin slid under the $70,000 level.
With the increasing volatility and rising fluctuations in the BTC price, will Fantom manage to sustain the recovery trend? However, the general market sentiments around the FTM price prediction projects a sprint to $10 this year.
FTM Price Performance
With a trend reversal visible in the weekly chart, the upside potential is massive in the FTM price chart. As the long-term downtrend mixed with consolidation under $1, leading to a double-bottom breakout, the altcoin is on a bull run.
With this turnaround, a golden crossover takes place in the weekly chart. Further, the FTM price reversal accounts for 462% in the last 175 days. With this, the altcoin surpasses the psychological mark of $1.
Currently, the FTM price shows a successful post-retest reversal as it sustains above $1 despite the 18% drop in the last two weeks. As of now, the altcoin exchanges hands at $1.0298, with an intraday jump of 1.11%.
Technical Indicators:
RSI Indicator: The weekly RSI line shows a positive trend, sustaining in the overbought boundary, reflecting a surge in underlying demand.
Will Fantom Break Past $1.50?
In the daily chart, the FTM price takes a bullish reversal from the $0.8197 mark or the 50D EMA to reclaim the $1 mark. Currently, the altcoin shows a 5-candle bullish streak leading to a rounding bottom reversal. This reflects the growing momentum for the altcoin despite the hiccups in the overall market.
Hence, optimistically, the uptrend can reach the $1.75 mark or the 50% Fibonacci level if the buying pressure sustains.
Filed under: Bitcoin - @ April 10, 2024 6:00 am