Price Analysis

Fantom Price Climbs Over a 22-Month Wall: Is the Path to $1 Clear?

The Fantom price breakout from the $0.655 neckline of the double bottom sets the asset for higher recovery.

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Published 08 Mar, 2024 | 06:01:32 PM UTC

Fantom Price Climbs Over a 22-Month Wall: Is the Path to $1 Clear?

Highlights

The Fantom price break from the double bottom pattern sets a rally beyond $1.
The midline of the Bollinger band indicator may offer traders suitable support during a market correction.
The intraday trading volume in Fantom is $402 Million, indicating a 25% loss.

Amid the recent sell-off in the crypto market, the Fantom coin price showed notable resilience above the $0.55 level. A positive turnaround from this support uplifted the altcoin value by 27% within three days to currently trade at $0.8. An analysis of the daily time frame chart shows this upswing breached the neckline of a bullish reversal pattern indicating the potential further growth.

Also Read: 29,000 Bitcoin Options Expires Today: Market Volatility Ahead

Whale Transactions Signal Confidence in Fantom Price Rally

Fantom Price| Tradingview

The Fantom price re-entered the recovery trend in late January when the price rebounded from the $0.3 support. Within seven weeks, the bullish rally surges the coin value 182% to mark a new high of $0.866.

Amid this rally, the coin price completed the formation of a double-bottom reversal pattern with the breakout of neckline resistance at $0.656. This chart pattern signals a sharp change in market dynamics and the buyers reclaiming their control over the asset.

Moreover, a renowned trader ali_charts has shared insights on Fantom’s (FTM) market activity, drawing attention to the positive shifts within its network. Despite the complexity of the chart presented, ali_charts points out key developments: there’s been a notable increase in whale transactions and a rise in Fantom whale holdings, coupled with a decrease in FTM’s exchange supply.

These changes are contributing factors to the recent uptrend in Fantom’s price, which reflects an underlying strong market sentiment.

Also Read: ETH/BTC Price Analysis: Top Reasons Why Altcoin Season Calls After Bitcoin Rally

Will Fantom Price Regain $1?

The daily candle projecting a long tail rejection indicates the buyers continue to accumulate the asset at the market dip. With sustained buying, the Fantom price could chase the theoretical target of the double bottom pattern at $1.14, registering a potential growth of 42%.

The asset is poised for an occasional pullback to regain strength for stable growth.

Technical Indicator

BB Indicator: A sharp upswing in the upper boundary of the Bollinger band indicator hints the traders are aggressively accumulating this asset.
Directional Movement Index: A bullish crossover state between the DI+ and DI- slope reflects an active recovery trend and no signs of weakness.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Published 08 Mar, 2024 | 06:01:32 PM

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