Fantom Price Prediction as FTM Surges Up 15% in 24 Hours - How High Can It Go?
Fantom has been gaining momentum since Nov. 22 with the FTM price breaking out of EMA20 in the past days. As of writing, the coin has a strong follow-up to an initial rally that saw a rise of 15% in 24 hours at one point, with prices currently trading at $0.2187, up 9.62% for the day. The price is up over 32% since Nov. 22. Leading indicators RSI and MACD are showing a possibility of a healthy short-term bullish trend. Just how high can FTM go though?
Plotting reverse Fibonacci retracement levels from the previous high to the current low reveals significant levels that may act as potential resistance for the coin. As observed, we can see that the price is currently trading at the 0.382 level above $0.2218. In addition to this Fibonacci level, there is also a history of the $0.2158 to $0.2197 area acting as support turned resistance.
Moving forward, it is vital for FTM to break out of this area for a potential continuation to the upside. If the price breaks out, the immediate resistance would be at the 0.5 fib level of $0.2396 followed by EMA100 at $0.2468. Otherwise, our support level is at the 0.236 fib level of $0.1998, which is close to the psychological support of $0.20.
FTM's sudden move in the market came after Andre Cronje, a popular figure in the DeFi space, wrote an article revealing the company's financials. Cronje, an adviser to the company, revealed in the article that Fantom is significantly cash flow positive and has 30 years of runway.
Fantom was founded in 2018 and raised $40 million that year, mostly in ETH. In December of that year, they sold the ETH for less than it was worth, leaving the company with less than $5 million. Their major expenses included listing fees for exchanges and payments to
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