Fantom Second Positive Week Teases Breakout Run To $0.70
thecryptobasic.com 22 August 2024 13:08, UTC The bullish uprising in Fantom, which marks a 55% surge in under 20 days, teases the end of the correction phase. Will this reversal rally reach $0.70?
With a morning star reversal in the weekly chart, a bullish crossover in the 4-hour timeframe, and a boost in TVL, Fantom teases a bullish recovery. Further, the Bitcoin price is ready to skyrocket beyond $61K, heating up the altcoin market.
Will this increased heat in the altcoin market result in a Fantom breakout run to $0.70? Let’s look at the FTM price analysis to find out more.
Recovery Run for Fantom Eyes Breakout Ahead
Under a bearish influence, Fantom price shows another bullish recovery for a breakout attempt. With a declining trend since March, the FTM token price dropped to the $0.32 support level from the $1.0681 peak.
However, with the bullish reversal with a morning star pattern, Fantom has increased 72% in value from $0.26, the 52-week low, to $0.4528. The recovery run challenges the overhead trendline and the 23.60% Fibonacci level at $0.4998 for a breakout rally.
Further, the bullish recovery and declining bearish momentum result in the MACD and signal line coming together. This increases the chances of a bullish crossover, marking a potential trend reversal.
Fantom TVL Shoots up Overnight
In the last 24 hours, the total value locked over the Fantom DeFi has spiked to $166.29 million from $159.63 Million.
Among the Fantom Projects, BeethovenX, WigoSwap, and SpookySwap rank in the top three positions based on TVL. Surprisingly, the top positions in the Fantom DeFi are held by DEX projects.
Bulls Dominating The 4-hour Chart
With a quick recovery in the smaller chart, Fantom price action shows a massive surge in trend momentum. Surpassing all the crucial EMAs (20, 50, 100, 200), Fantom is close to reaching the $0.50 psychological mark.
Based on the Fibonacci retracement levels, the FTM price pullback is ready to retest the 61.80% level breakout at $0.4445. Further, the bullish crossover in the 20 and 50 EMAs bolsters the uptrend chances.
Considering the uptrend gains momentum post-retest, the bull run in Fantom can reach the $0.5452 mark. Optimistically, the Fantom price can aim for the 1.618 Fibonacci level at $0.70, aligning with the 50% Fib level from the weekly timeframe.
