Fantom (FTM) Blasts to ATH Amid Market Surge, Can FTM Break $1?
- FTM price is up over 110% this week
- FTM Price has formed a potential rising wedge
- FTM must hold the 20MA to continue rising
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
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