Fantom (FTM) Price Resurges 25% as Singapore High Court Orders Multichain to Pay $2.19 Million in Compensation

Trading inside a falling wedge pattern, FTM could be looking at a breakout and is eyeing the $1 mark.

Price Analysis: Fantom (FTM) Surges Back Up 25%, Eyeing $1 as BTC Resurgence Aids Altcoins

FTM price projections hint at a potential breakout and a surge towards the $1 mark.

After a week of trading in the red, Fantom (FTM) price projections show a promising recovery with a surge of 25%. The cryptocurrency’s price action seems to be pivoting as it attempts to secure gains above the 20-day EMA (exponential moving average) line.

FTM Price Analysis

FTM is currently changing hands at $0.489 with an intraday surge of 2.10%, reflecting buyers’ accumulation on the chart. It has a monthly return ratio of -16.30% and 18.20% yearly, reflecting short-term consolidation.

The pair of FTM/BTC is at 0.00000816 BTC, and the market cap is $879.66 Million. Analysts are neutral and suggest that FTM may register a breakout and reach the $1 mark soon.

Notably, it was ranked at 83 in terms of market cap and has a total supply of 1.80 billion.

FTM Price Chart

Relative Strength Index (RSI)

The RSI curve’s reading was noted at 43 after crossing the RSI-based MA at 35 from below, indicating an uptrend. A rising RSI usually implies the buyers’ strength.

Key technical points:

Immediate support levels: $0.460 and $0.440

Crucial upside hurdle: $0.500, followed by $0.5800

FTM Price Analysis: A Deeper Look

Fueled by the bitcoin resurgence, its correlated altcoins experienced a notable shift in their value. However, the Fantom token was traded in the bearish course and tried to hold the gains above the 20-day EMA mark.

A significant uptick followed by a breakout could be seen as soon as the token crosses the trajectory. Beyond the trendline barrier of $0.7000, the token could sprint up to 2x and might reach the $1 mark.

Global In/Out of the Money (GIOM) Indicator

According to IntoTheBlock data, the Global In/Out of the Money (GIOM) indicator showed that 37.43% of in-the-money holders were sitting on unrealized gains. This might create a strategic shift, as more than 60% of its holders are willing to secure the gains that could cover their positions during the upcoming bounce.

Surge in Social Popularity

As the token began to recover the gains, investors started to chatter about it on the media platforms. This conveyed a rise in the social dominance of over 13% this week, reflecting the optimistic outlook.

Social Dominance Data

Weighted sentiment data is still below the midline zone. It conveyed that its holders were still waiting for clear signs of a breakout and looked in a dilemma.

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