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Fantom (ftm) blasts to ath amid market surge, can ftm break $1?

Fantom (ftm) blasts to ath amid market surge, can ftm break $1?

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Fantom (FTM) price had an amazing run over the last week as prices have surged over 100% to new ATH. A few days ago, Fantom announced a massive incentive program to reward DeFi developers. FTM committed over 300 Million US dollars to this fund to incentive developers to build on Fantom. This announcement led to a massive spike in FTM price as the crypto community found this to be a very bullish announcement. The overall market has been exploding as ETH just made a multi month high.

Over the last week, FTM has nearly doubled in price from $0.40 to $0.80. Throughout this run, it has successfully turned every resistance into a support. At the time of writing, FTM price is nearing a break of its major support found at $0.844. Price must hold this mark to continue within its bullish run short term, although technicals are showing bearish signs.

FTM must break & hold the major resistance zone from $0.90-$0.96 to be in the complete clear for another push. If this occurs, expect FTM price to land right above $1.00.

Fantom Price Analysis: FTM/USDT 4 Hour Chart

Considering that FTM price is about to break its major support zone, we must view the potential bearish scenario. If FTM fails to hold its current support of $0.844, we should expect a pullback to $0.79 at minimum. Over the last few weeks, price action has formed a rising wedge formation. If this drop occurs on FTM, we have to be weary of a break of the bottom trend of this pattern.

Anything below $0.76 will break this wedge & likely send FTM price in a downtrend. Before this can happen, bears must push price below the 20MA which has held for over a week.

While looking at the Stochastic RSI, we can see it has started its decent into oversold territory. If it curls back down below the 20 value, we should expect FTM to continue dropping. If it can break back above the 50 value, we should expect a test of the major resistance zone. While looking at the MACD we can see the MA’s are about to cross bearish & that will cause a sell off to occur. The MA’s have also created a bearish divergence which is starting to play out now.

FTM Intraday Analysis

Spot rate: $0.8455
Trend: Neutral
Volatility: High
Support: $0.844
Resistance: $0.9032

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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