Will Fantom (FTM) continue the three-day bullish run by surpassing the $0.50 psychological barrier for a breakout run to $0.76?
Fantom starts a fresh recovery run with the broader market recovery and is ready for a breakout run. However, the uptrend faces crucial resistance and is ready for a massive surge ahead. Is this breakout run possible?
Fantom Nears Falling Channel Breakout
With an 11% jump in the last 24 hours, the Fantom token trades at $0.4905. Accordingly, its valuation now stands at over $1.367 billion, ranking it the 51st biggest crypto asset in the market.
In the daily chart, the FTM price reveals a solid resistance trendline, keeping the bearish influence intact. However, with the presence of a declining support trendline, the Fantom price action reveals a falling channel pattern.
In the ongoing bull cycle, FTM struggled to maintain dominance above the 100-day EMA, leading to a pullback from late August. This correction, occurring between August 26 and September 6, saw a 29% decline from $0.5229 to $0.3702.
However, the market showed a positive reversal last weekend, with FTM rebounding by 31.02% and forming a triple white soldier pattern, signaling renewed bullish momentum.
Crypto Rand Highlights Fantom Breakout Run
Amid the recovery rally, Crypto Rand, a known trader and investor behind RR2 Capital, recently tweeted about the FTM breakout. He noted that FTM has breached the local downtrend resistance, following a bounce and the formation of a new higher low.
This higher low has contributed to the triple white soldier pattern mentioned earlier. Additionally, the stochastic RSI on his chart indicates a positive trend, reinforcing the bullish outlook.
Will Fantom Surpass $0.50?
Currently, Fantom (FTM) is trading at $0.4848, testing the 23.60% Fibonacci level at $0.49. The price is also challenging the 100-day EMA, having already surpassed the 20- and 50-day EMAs, though the latter two remain in a bearish alignment.
Despite this, recent bullish momentum has led to a positive crossover between the MACD and signal lines, suggesting an increased likelihood of a breakout rally.
Should FTM continue its upward movement, the next key targets based on Fibonacci levels are the 38.20% level at $0.6175 and the 50% level at $0.7181. On the downside, crucial support levels include the 50-day EMA at $0.43 and the psychological mark of $0.40.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
