Fantom (FTM) is experiencing a strong bullish trend, setting the stage for a potential breakout rally. With recent technical developments and growing momentum, many are wondering if Fantom can surpass resistance and reach the $1 psychological level.
Fantom Breaks Through 200-Day EMA
Fantom’s price has seen a significant shift with a breakout from a falling channel pattern. In the last ten days, the price surged 51.51%, starting from a support level of $0.37.
On the daily chart, Fantom bounced back from an early August low of $0.2919. Bullish momentum is gaining strength, with buyers now pushing the price above the key $0.50 psychological level. This movement has also broken through the overhead trendline, adding confidence to the uptrend.
The surge allowed Fantom to clear the 23.60% Fibonacci retracement level at $0.49 and surpass the 200-day Exponential Moving Average (EMA). In just three days, the price spiked 18%, thanks to a triple white soldier pattern, which often signals continued bullish activity.
With the 50-day EMA rising, a potential golden crossover—a bullish technical indicator—could be on the horizon.
Can Fantom Reach $1?
At present, Fantom is trading at $0.5636 with an intraday gain of 8.36%, forming a bullish engulfing candle. The Moving Average Convergence Divergence (MACD) indicator is showing a positive trend, with both the MACD and signal lines heading upward, supporting further bullish momentum.
As the rally continues, the next target is the 38.20% Fibonacci level at $0.6175. Resistance levels at 50% ($0.7181), 61.80% ($0.8186), and 78.60% ($0.9618) lie ahead, making the climb to $1 a challenge. However, the support level at $0.4930 remains strong, providing stability in case of pullbacks.
