Rally

bullish

DeFi

Fantom

The post <a href="https://coinpedia.org/price-analysis/is-ftm-price-rally-running-out-of-steam-before-a-140-surge/" rel="noopener noreferrer nofollow">Is FTM Price Rally Running Out of Steam Before a 140% Surge?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a wipe of $174M in long positions in the crypto market, the bulls are on the back foot, increasing stress levels. Amid this, the altcoin bazaar takes a varied stance, with DeFi tokens resurfacing while memes and other altcoins take a hit. Staying on the greener side, the FTM price bull cycle’s rising momentum teases a breakout run. Will this result in the <a href="https://coinpedia.org/price-prediction/fantom-ftm-price-prediction/" rel="noopener noreferrer nofollow">Fantom price prediction</a> of $2 in 2024?
<h2 class="wp-block-heading" id="h-fantom-price-performance">Fantom Price Performance</h2>
Trading at $0.38, the Fantom coin price jumped 4% overnight, surpassing the 20-day EMA. The FTM price forms a doji candle, struggling to surpass the $0.40 resistance level.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdhqKvd5gR1ynrf9pNO823cdDQbTcw-KxQqqieIVQIlu3DT_9sdrbef6Jnc_WtQ79WRDbNX-zCQU-E6HcIswxzW0HfUFUCBqpw4Zq96sP-Le3AtR52PGzl7NfqsYHYxygL2wmXIR_Dn_b3nxQipDMqY9r7a?key=UnpsJSdQ2dm1jEGlnM1vbQ" alt="">
</figure>
<a href="https://www.tradingview.com/x/Jdgxy1dw/" rel="noopener noreferrer nofollow">TradingView</a>
Looking at the broader picture, the FTM price action reveals a falling wedge pattern in the daily chart. Starting from the $1.22 peak to a low of $0.26, the downfall accounts for a 78.59% drop since March 2024.&nbsp;
Looking from a positive perspective, the FTM price action reveals a bull cycle starting from the support trendline. The uptrend accounts for a price jump of 33.51% in the last 11 days, surpassing the 20-day EMA.&nbsp;
However, the increased supply at $0.40 resulted in a higher price rejection in the last intraday candle. This increases the possibility of a bearish turnaround.&nbsp;
Technical Indicators:
RSI: The daily RSI line bounces back from the oversold region to the halfway line, revealing a sudden increase in demand, bolstering the positive cycle.&nbsp;&nbsp;
EMA: The intense bearish correction leads to a death cross between the 50-day and 200-day EMA and the 100-day EMA crossing below the 200-day EMA. Hence, all the critical EMAs in the daily chart are in a bearish alignment.
<h2 class="wp-block-heading" id="h-will-ftm-price-reclaim-1">Will FTM Price Reclaim $1?</h2>
With the $0.40 breakout, the FTM price will likely hit the confluence of the 50-day EMA and the overhead resistance trendline near $0.45. Conversely, a bearish reversal from the $0.40 resistance will test the $0.29 support level before heading to the support trendline at $0.22.&nbsp;
Optimistically, the falling wedge bullish breakout will result in a massive surge with the overhead resistances at $0.62 and $0.93. Thus, Fantom shows an upside potential of 140% from the current market price.

Is FTM Price Rally Running Out of Steam Before a 140% Surge?

Table of Contents

CoinPedia News

Other articles published on Aug 16, 2024

The Secret to Growing your Investment: Insights into Solana, Ondo Finance and Qubetics Whitelist

Bitcoin (BTC) And Ethereum (ETH) Slip As Markets Stutter Again, Rollblock (RBLK) Still Receiving ...

Tron Network Outpaces Ethereum in Revenue Over the Past 90 Days

Coinbase Seeks Approval to Enter Turkey

Bybit receives VASP, card operator registration in Argentina

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Join our free newsletter for daily crypto updates!