- Fantom (FTM) has risen by 32% in the last 30 days, with a 15% increase over the past week.
- Bitcoin’s recent surge past $60,000 has boosted FTM and the broader market.
- A potential breakout from a Descending Broadening Wedge pattern could trigger a 97% rally for FTM.
Fantom (FTM) has gained significant momentum, marking an impressive uptrend in the past month. Over the last week alone, FTM has seen an increase of nearly 15%, while its performance over the past 30 days stands at a remarkable 32% rise. This strong recovery reflects both FTM’s solid fundamentals and broader market trends, signaling the potential for continued upward movement.
The catalyst behind FTM’s surge can be traced to Bitcoin’s recent rally, which saw it breach the $60,000 mark. Bitcoin’s resurgence has uplifted the entire cryptocurrency market, pushing it into a bullish phase. With renewed investor confidence, alternative cryptocurrencies, like FTM, have benefited from the ripple effect, positioning themselves for further gains.
As of today, Fantom is trading at $0.514539, with a 24-hour trading volume of $803.77 million and a market capitalization of $1.44 billion. This places FTM’s market dominance at 0.07%, showing steady growth as it competes with other major players in the decentralized finance (DeFi) space. In just the last 24 hours, the price has increased by 5.40%, underscoring the sustained upward pressure on the token.
Fantom (FTM) Positioned for 97% Price Rally
Fantom (FTM) displays a key technical signal with traders on high alert. On the 2-day chart, FTM shows signs of a Descending Broadening Wedge pattern, a formation often associated with a potential bullish breakout.
This pattern, characterized by widening price swings and a downtrend that eventually leads to a breakout, suggests that FTM could be on the verge of a significant upward move. If the breakout is confirmed, a massive rally for the token is on the horizon.
Traders should keep a close eye on this potential development. If the breakout occurs, it could trigger a 97% surge in FTM’s value. This kind of movement would not only push FTM higher but also reinforce its position as a top contender in the ongoing market rally.
With the market currently in a bullish phase, driven by Bitcoin’s momentum, Fantom could be preparing for a significant price explosion. Keep an eye on this chart pattern, as the breakout could offer a major opportunity for traders looking to capitalize on the next big move.
Related | Bitcoin Skyrockets to $58K: Retail Confidence Soars as Leverage Hits New High
