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 Fantom price prediction of $2 in 2024?
Fantom Price Performance
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.
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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.
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.
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.
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.
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.
Will FTM Price Reclaim $1?
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.
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.
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