Fantom Price Analysis: $0.34 Breakout may Extend FTM’s Recovery Rally
Amid the last two months of uncertainty in the crypto market, the FTM/USDT pair continued its downward spiral under the influence of a descending trendline. Furthermore, this dynamic resistance aided sellers in pushing the coin price to a low of $0.1961, after which the coin chart showed a spike in demand pressure. Thus, the bullish run-up sliced through the $0.31 resistance, while the ongoing retest phase should validate its sustainability.
Key points
- The $0.343 resistance breakout shows a 20% growth opportunity
- A bearish breakdown from the $0.286 may invalidate the bullish thesis
- The intraday trading volume in FTM price is $310.4 Million, indicating a 10.4% gain.
Source- Tradingview
On July 6th, the FTM breached a trendline resistance, limiting the bullish growth for nearly two months. The post-retest rally soared the coin price 44.6% higher and pierced the immediate resistance of $0.31.
However, a minor resistance of $0.343 has stalled the potential rally, resulting in minor consolidation over the past four days. Anyhow, this short pause was necessary for the FTM price to stabilize the bullish growth.
Today, the FTM price is 8% up and showcased another attempt to breach the $0.343 resistance. A daily candlestick closing above this barrier would signal the resumption of the prevailing recovery rally.
The resulting rally may drive the altcoin 18% to the $0.4 mark and, under a favorable bullish scenario, the $0.465 mark.
On a contrary note, a breakdown from $0.31 flipped support may plunge the FTM price back to $0.282 or $0.2.
Technical indicator
MACD indicator: the fast and slow lines entering the bullish territory bolster the $0.31 breakout. Moreover, steady growth in the histogram chart’s green bar indicates the growing bullish momentum.
Bollinger band indicator: a sudden expansion between the indicators’ upper and lower band accentuates aggressive buying from traders. Furthermore, if the midline caught up to the FTM price, the buyer may get an extra boost to reclaim the $0.343 mark.
- Resistance level- $0.34 and $0.4
- Support levels- $0.31 and $0.282
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