Date: Tue, Sept 10, 2024, 05:38 AM GMT
The cryptocurrency market is shining with bullish sentiments as Bitcoin (BTC) makes strides toward reclaiming the $60K price level. This surge in Bitcoin’s value has positively impacted several altcoins, with Fantom (FTM) among the top gainers. Over the past 24 hours, FTM has seen a significant rally, climbing by 12.63%.
What’s Behind the Surge?
Fantom has been tracking a falling wedge pattern on its daily chart, a formation that often signals a potential breakout. Yesterday, FTM finally broke above the downtrend line at the $0.46 level, pushing the price to its current value of $0.48.
Can FTM Reach $1?
As Fantom continues its upward momentum, the next key resistance levels to watch are $0.51, $0.60, and $0.83. If FTM maintains this pace, it could potentially double from its current price and reach the $1 mark. The Relative Strength Index (RSI) is currently at 64.50, with the RSI-Based Moving Average (MA) at 47.34, indicating that FTM is positioned for a strong bullish rally.
However, it’s crucial to monitor Bitcoin’s performance, as any significant moves by BTC could influence FTM’s trajectory.
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