Fantom breaches $1 milestone, Poised for further growth

FTM, Fantom’s native cryptocurrency, was briefly above the milestone of $1. It was seen exchanging hands at $1.04. While the token has retraced to ~$0.9, there is a possibility that it could rise as high as $1.25 or $1.68 by the end of 2024. The recent high comes against a rounding bottom pattern, a bullish sentiment for altcoin.

The intraday trading volume in the ecosystem was recorded at $1.08 million, with a gain of 121% when the markets closed on Tuesday.

There is a notable resilience above $0.8. Sustaining the mark could pave the way for a surge in the price. Investors have a growing interest in altcoins, with dominating tokens like BTC and ETH taking severe hits. For reference, BTC has fallen to ~$63,000 after hitting the target of ~$73,000. Similarly, ETH is listed at ~$3,200 after having a closer look at $4,000.

Analysts quickly note that the upswing for FTM has gone from $63.5 million to $267 million in the last few days of January 2024. This means that investors have a rising interest and confidence. The current phase of FTM is driven by steady and gradual growth after the recovery of prices. The bullish reversal pattern indicates a potential shift from downward to upward momentum.

The current price of FTM is $0.9756, with a surge of 15.81% in the last 24 hours. It further reflects a rise of 18.24% in the last 7 days and a significant jump of 129.10% in the last 30 days. There is also a jump in the Market Cap and 24-hour volume by 15.87% and 37.96% respectively.

It comes at an hour, BTC and ETH are down by 0.50% and 0.56%, respectively, in the last 24 hours. They were both at their highest before retracing to the ground. Based on our Fantom prediction, FTM is teased to end 2024 positively, especially if it keeps up with the current momentum and better mirrors the speculated rally following Bitcoin’s Halving.

In the same order, FTM is backed by two major technical indicators – Exponential Moving Average and Relative Strength Index, also known as EMA and RSI. RSI, for one, has a slope above 70% for aggressive recovery sentiments among the traders. The 20-day EMA has set a supportive bar during the initial phase if the token breaks out for a bearish fall.

Fantom has its sights set on dancing between $1.25 and $1.68, provided the ongoing rounding bottom pattern sustains longer. Briefly surpassing the $1 mark has instilled confidence among traders – FTM – that the token has a long way to go and better react to the free fall, if any, in the market.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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