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The post <a href="https://coinpedia.org/price-analysis/fantom-begins-bull-cycle-in-a-wedge-ftm-price-eyes-27-jump/" rel="noopener noreferrer nofollow">Fantom Begins Bull Cycle in a Wedge, FTM Price Eyes 27% Jump</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the meme coin rally taking it easy, the broader market finds altcoins from different segments taking centre stage. Apart from the AI tokens, the FTM price jump reveals a new interest in the DeFi tokens.&nbsp;
With a bullish reversal, the sideline traders anticipate a trend reversal in the DeFi token. Will this resurgence of demand in Fantom lead to a price jump beyond $1? Find out more in our <a href="https://coinpedia.org/price-prediction/stacks-stx-price-prediction/" rel="noopener noreferrer nofollow">FTM price prediction</a>.&nbsp;
<h2 class="wp-block-heading" id="h-fantom-price-performance">Fantom Price Performance</h2>
With a 6% jump today, Fantom forms a bullish engulfing candle to create a morning star candlestick pattern. This pattern generally marks the ending of a pullback phase when formed at a crucial support. In this case, the FTM price action forms the morning star at the 78.60% Fibonacci level at the $0.50 psychological mark and the support trendline.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdw8rjszJpyYtSNzT5a-ojvVJYoyFyKhKSNINtqZQ9rqIxMqb7nIELs21fMAuabRjDFQ2iimo7Xc3Np9xFNKVJh-LI_FvnwD_z47awm0yQ3fCGSYhCNNdOyJW8XqRkntuloRDhc1t0Zh3gsYRzQ41yk-hVu?key=UnpsJSdQ2dm1jEGlnM1vbQ" alt="">
</figure>
<a href="https://www.tradingview.com/x/i39ODuoP/" rel="noopener noreferrer nofollow">TradingView</a>
With the increased reversal chances, the bull cycle possibility within the falling wedge pattern is increasing. The reversal chances arise after the massive correction rally of 36% in just 14 days.&nbsp;
The FTM price trades at $0.5796, with an intraday growth of 6.01% following last night’s failed price jump, leading to a long-wick candle. Further, the sudden jump in the trading volume supports the upcycle chances.&nbsp;
Therefore, if the demand sustains, the bull cycle in Fantom can challenge the overhead resistance trendline for a breakout possibility.&nbsp;
Technical Indicators:
RSI: The daily RSI line shows a rounding reversal from the oversold boundary, bolstering the upcycle chances. However, the indicator shows hardly any bullish divergence to signal a stronger uptrend in Fantom.&nbsp;
EMA: The previous correction rally creates immense bearish influence over the chart, leading to a downtick in the 50D EMA. Hence, this creates panic with the possibility of a death cross.&nbsp;
<h2 class="wp-block-heading" id="h-will-ftm-price-reclaim-1">Will FTM Price Reclaim $1?</h2>
As per the Fibonacci levels, the bullish reversal in Fantom from the 78.60% level can shortly challenge the 61.80% mark at $0.63. Considering that the buyers have overcome the supply zone at $0.63, the bullish rally in FTM price will put tension at the resistance trendline, near $0.73 or the 50% Fibonacci level.&nbsp;
Optimistically, in case of a long-term uptrend, the pattern breakout rally can scale to the $1 psychological mark.

Fantom Begins Bull Cycle in a Wedge, FTM Price Eyes 27% Jump

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