CandleFocus Fantom Nears 50% Fibonacci Breakout: Is $1 on the Bullish Radar?
2024-10-08
Author: Content Editor
The article discusses the potential for the Fantom DeFi token (FTM) to surpass a crucial Fibonacci resistance and trigger a breakout, potentially reaching $1. The current price of Fantom is $0.6792, with a 24-hour gain of 2.26%. The article analyzes the price trend, which shows a falling channel breakout and a rounding bottom reversal. The FTM price has increased by 157.51% over the past two months and has surpassed the $0.50 psychological mark. Technical indicators, such as EMAs and MACD, suggest a bullish crossover and increased chances of a breakout rally. The article suggests that the entry point for price action traders could be the breakout of the 50% Fibonacci level. If the broader market recovers, potential price targets for Fantom are $0.81, $0.96, and even $1.14 by the end of the month. Support levels for Fantom are at $0.61 and $0.49.
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