Fantom (FTM) Price Breaks Out of Falling Wedge Pattern, Signaling Bullish Trend Reversal

Fantom's (FTM) token has seen a modest increase in value over the last 24 hours, despite how bloody the crypto market is.

Fantom's (CRYPTO: FTM) token price saw a modest increase over the last 24 hours, even as the broader crypto market remained in the red.

What Happened: FTM's price dropped to a low of $0.3951 on Monday, before rising to trade at $0.440 by press time, according to CoinMarketCap. The token's price saw an 11% gain over the last day and a 59.09% increase in trading volume.

The breakout was seen after an extended period of consolidation, which contributed to the increase in FTM's value.

Support and Resistance Levels Driving FTM Price: Key support for Fantom's price is present between $0.30 and $0.40, while resistance lies between $0.50 and $0.60, where the price often retreated after getting close to this level.

Currently, the token's price found support at $0.30-$0.40. If the price breaks this resistance or retreats toward support, it will be crucial in determining the upcoming direction for FTM.

200-Day SMA Indicating Long-Term Trend: The 200-day Simple Moving Average (SMA) plays a crucial role in defining the long-term trend for Fantom's price, currently at $0.6380.

A price below this moving average indicates that the asset is still in a bearish phase. The SMA also acts as a dynamic resistance level, making it a key target for bulls to overcome.

Despite the overall bearish sentiment, the recent breakout could be an early indication of a potential reversal. If FTM continues to gain momentum, the next goal would be to push above the 200-day SMA, further signaling bullish strength.

Falling Wedge Breakout Triggers Bullish Sentiment: One key development was the breakout in FTM's price from the pattern it was forming.

After weeks of the price being contained within this pattern, it finally broke out above the upper trendline, indicating a shift in momentum.

Since the breakout, the price has been hovering around the $0.4430 level. This suggests that the market is gathering strength, preparing for a potential move to higher price levels.

RSI Shows Neutral But Upward Momentum: The Relative Strength Index (RSI) for Fantom's price is around 47.53, indicating that the market conditions are neutral.

However, the RSI has been gradually trending upward, suggesting a building momentum. This aligns with the breakout observed in the price chart, further supporting the potential for a continuation to the upside.

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