This morning, Bluntz (@Bluntz_Capital), a seasoned crypto trader, took to Twitter to announce that Fantom (FTM) has successfully broken out of its downtrend on both the USD and BTC pairs. His tweet highlighted a significant macrostructure on FTM’s chart, specifically a conspicuous three-wave move down. This development is a promising sign for FTM’s future trajectory and warrants close attention from investors.
The trader confidently conveyed his optimistic outlook for FTM, succinctly stating in a tweet that it would be challenging to resist seeking long positions in light of the recent weekend price action.
According to CoinMarketCap, FTM has experienced a notable surge of over 15% in the past 24 hours. FTM has demonstrated strength against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), with a 5.54% and 6.07% increase, respectively. As of now, FTM’s current price stands at $0.3876.
Over the weekend, the FTM price experienced a significant breakthrough as it broke out of its medium-term bearish trend. This positive momentum was triggered by a strong bounce off the support level at $0.3143 on Saturday. As a result, the altcoin’s price surged past the resistance level at $0.3595, registering an impressive 17.71% increase yesterday. These developments indicate a promising outlook for FTM, and investors may want to keep a close eye on this cryptocurrency in the coming days.
FTM’s price is currently surpassing the 9-day EMA line, which has proven to be a formidable barrier in this bearish market. Today, the altcoin made a valiant effort to breach the resistance level at $0.3982, but alas, it was met with rejection earlier this morning, having peaked at $0.3999 for the day.
The price of FTM appears to be consolidating, potentially laying the groundwork for a significant shift shortly. Market participants are eagerly anticipating the upcoming U.S. interest rate announcements, which could serve as a catalyst for movement in the market.
