DeFi

when

Fantom

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

Spis treści

CoinPedia News

Inne artykuły opublikowane 21 cze 2024

Harga BTC Diproyeksi Terbang Tinggi, Bisa Tembus US$1 Juta

Velo price prediction: will VELO rise again in 2024?

Bitcoin Slips Under $64,000: Here’s Where The Next Support Is

Target Will Introduce AI Helper to Boost Employee Efficiency

Internet Computer Protocol (ICP) to launch the ICP Hub Accelerator Program 2024

Why Floki Continues To Rule The Meme Coin Industry

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!