- Fantom (FTM) dropped nearly 15% this week following Bitcoin’s decline to $67.5k.
- Despite the dip, FTM stabilized above key support, trading at $0.58657 with a market cap of $1.64 billion.
- Holding above $0.5530 is crucial for FTM’s potential rally toward the $1.03 resistance.
Fantom (FTM) is facing a challenging week as the crypto market sees notable shifts, with the coin experiencing a nearly 15% decline in value. This drop was largely triggered by a recent dip in Bitcoin, which saw BTC slide to $67.5k, pulling much of the altcoin market down with it. However, FTM has managed to stabilize above a key support level, showing resilience despite broader market pressures.
The upcoming U.S. election cycle is adding a layer of intrigue to the market, with volatility anticipated based on the perceived odds of candidates. Analysts suggest that if former President Trump’s odds improve, Bitcoin may experience a sudden spike, while a rise in Vice President Harris’s odds could have the opposite effect. This expected volatility could set the stage for significant price movements in both Bitcoin and Fantom, with FTM potentially poised to follow Bitcoin’s lead if it rallies.
At the time of writing, Fantom is trading at $0.58657, with a 24-hour trading volume of $415.64 million and a market cap of $1.64 billion, securing a 0.07% dominance in the market. Over the past 24 hours, FTM has seen a slight decrease of 2.89%, though it remains on traders’ watchlists for its potential to surge alongside any major Bitcoin price action.
Fantom Eyes Surge Toward $1.03
From a technical analysis perspective, Fantom (FTM) is showing promising signs despite recent market turbulence. The cryptocurrency is currently trading within an ascending channel on its daily chart, a pattern that suggests potential bullish momentum if key support levels are maintained.
To continue this upward trajectory, FTM must hold above the crucial support level of $0.5530. This threshold is essential for sustaining the bullish outlook. A bounce from this ascending support could trigger a significant price rally, potentially pushing FTM toward the next major resistance zone at $1.03.
Traders are closely watching this pattern, as a successful rebound could signal strong momentum and reinforce FTM’s position for further gains. With market sentiment influenced by broader factors, including Bitcoin’s movements and macroeconomic developments, FTM’s ability to hold above this support will be pivotal in determining its next move.
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