While the cryptocurrency market faced a downturn with Bitcoin plunging below $65,000, Fantom (FTM) token showcased resilience by climbing over 13%, breaching the $1 mark. The altcoin demonstrated a remarkable upward trajectory since late January, buoyed by a robust intersection between the $0.3 support level and the 200-day exponential moving average, leading to a 241% increase in its value over two months, now trading at $1.04.
FTM’s Market Performance and Investor Confidence
The uptrend in FTM’s price was mirrored by a surge in open positions, with data from Coinglass indicating a jump from $63.5 million to $267 million, signaling a possible boost in investor confidence. This 320.47% rise also coincides with the formation of a rounded bottom in the price chart—a bullish reversal pattern suggesting a potential shift to an upward trend.
Chart Analysis and Future Projections
The rounded bottom pattern, characterized by a slow and steady price recovery, suggests a continuation of the bullish trend. With FTM breaching the $1.04 resistance level with a strong bullish candle, the token is poised for a sustained increase. Should the momentum hold, price targets of $1.25 and even $1.68 could be within reach, indicating a robust revival for the cryptocurrency.