Rally

2024

when

Fantom

Amid the recent sell-off in the crypto market, the <a href="https://coingape.com/fantom-opens-proposal-for-refunds-in-multichain-130m-exploit/" rel="noopener noreferrer nofollow">Fantom coin</a> 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: <a href="https://coingape.com/trending/29000-bitcoin-options-expires-today-market-volatility-ahead/" rel="noopener noreferrer nofollow">29,000 Bitcoin Options Expires Today: Market Volatility Ahead</a>
<h2 id="b-whale-transactions-signal-confidence-in-fantom-price-rally-b">Whale Transactions Signal Confidence in Fantom Price Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/h/Hr2x2JU0.png" alt="BINANCE:FTMUSDT Chart " width="1815" height="836">
 <figcaption class="wp-caption-text">
 Fantom Price| Tradingview
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</figure>
The <a href="https://coingape.com/price/fantom/" rel="noopener noreferrer nofollow">Fantom price</a> 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.
<blockquote>
 Amid this rally, the coin price completed the formation of a double-bottom reversal pattern with the breakout of neckline resistance at $0.656. This chart pattern signals a sharp change in market dynamics and the buyers reclaiming their control over the asset.
</blockquote>
Moreover, a renowned trader ali_charts has shared insights on Fantom’s (FTM) market activity, drawing attention to the positive shifts within its network. Despite the complexity of the chart presented, ali_charts points out key developments: there’s been a notable increase in whale transactions and a rise in Fantom whale holdings, coupled with a decrease in <a href="https://coingape.com/fantom-ftm-price-eyes-rally-above-1-amid-strong-whale-accumulation/" rel="noopener noreferrer nofollow">FTM’s</a> exchange supply.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This <a href="https://twitter.com/hashtag/Fantom?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Fantom</a> chart might seem cluttered. However, it's highlighting a significant uptick in whale transactions, a rise in <a href="https://twitter.com/search?q=%24FTM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FTM</a> whale holdings, and a reduction in <a href="https://twitter.com/hashtag/FTM?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FTM</a> balances on exchanges.
 These network trends are bolstering the recent upward movement in price, indicating a… <a href="https://t.co/zeuJPOTpy2" rel="noopener noreferrer nofollow">pic.twitter.com/zeuJPOTpy2</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1765862458609086755?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
These changes are contributing factors to the recent uptrend in Fantom’s price, which reflects an underlying strong market sentiment.
Also Read: <a href="https://coingape.com/markets/eth-btc-price-analysis-top-reasons-why-altcoin-season-calls-after-bitcoin-rally/" rel="noopener noreferrer nofollow">ETH/BTC Price Analysis: Top Reasons Why Altcoin Season Calls After Bitcoin Rally </a>
<h2 id="b-will-fantom-price-regain-1-b">Will Fantom Price Regain $1?</h2>
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.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: A sharp upswing in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger band</a> indicator hints the traders are aggressively accumulating this asset.</li>
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: A bullish crossover state between the DI+ and DI- slope reflects an active recovery trend and no signs of weakness.</li>
</ul>
The post <a href="https://coingape.com/markets/fantom-price-climbs-a-22-month-the-path-to-1-clear/" rel="noopener noreferrer nofollow">Fantom Price Climbs Over a 22-Month Wall: Is the Path to $1 Clear?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

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