Fantom (FTM), one of the older popular cryptocurrencies, is inching closer to a potential breakout with a 15 percent rise during the day.
The crypto market is growing at full speed despite recessionary scenarios. After retreating below $35,000, BTC struck again and maintained stability above $37,000. As a result of this situation, funds continued to flow into altcoins.
Major coins like AVAX, SOL and LINK reminded the bulls with their gains. Another of the older coins, FTM, made its presence felt with a rise of 15 percent during the day. FTM is preparing for a possible rally.
The ropes are tight for Fantom (FTM): A raise is at the door!
Fantom (FTM), the decentralized smart contract platform that left its mark on an era, moved closer to its bull breakout with a 15 percent surge in the last 24 hours.
FTM entered a bullish phase in 2021 and gained 1700 percent. The market cap of the popular cryptocurrency reached $8 billion as it rose to prominence in the last bull run. However, the subsequent bear market was enough to pull FTM back. Thus, FTM began to fall out of favor.
The rapid progress of the crypto market has started bringing older cryptocurrencies to the fore. FTM has experienced remarkable growth on its way to the top again.
Looking at the FTM chart, the price appears to be in an important breakout zone. In preparation for a possible bullish rise, FTM is near the $0.3770 resistance. If this resistance zone breaks, FTM price may test $0.3942. The $0.3942 resistance, which is hindering bullish potential, will be an area where sellers will focus. If this zone is crossed, FTM could start a bullish run that will push the $0.6509 resistance level. However, in this bullish scenario, $0.4391, $0.5453, and $0.5995 will be important resistance areas.
On the other hand, FTM may face selling pressure if the market turns negative. If it fails to meet the selling pressure with demand, FTM price may retrace to the support at $0.3273. If this support point is lost, the price will test $0.2863 again. $0.2863 will determine the trend direction for FTM. Losing this area could lead to the key support point at $0.2173.