On March 19, the cryptocurrency market experienced a further decline as Bitcoin (BTC) fell below the $65,000 threshold. This downward movement affected the entire market, leading to increased losses among major altcoins, including Fantom (FTM).
FTM Price Movements
However, the FTM price exhibited significant resistance above $0.8 and recovered by 13%, crossing the $1 mark. Is this recovery sustainable amidst the market correction? The native token of the crypto network’s Fantom ecosystem, FTM, has been on a significant upward trend since the end of January. With a solid foundation at the intersection of the $0.3 support level and the 200-day exponential moving average, FTM’s price has recorded a notable increase of 241% over the last two months and is currently trading at $1.04.
Reflecting this price increase, open positions in Fantom have also seen a notable rise. Coinglass reported a jump from $63.5 million to $267 million since the second half of January. This substantial increase of approximately 320.47% could indicate a significant rise in investor confidence and growing interest in the cryptocurrency. This recovery could reveal the formation of a bullish reversal pattern known as a rounded bottom, indicating a potential shift from a downward to an upward momentum.
Critical Formation in FTM
Moreover, this pattern is characterized by a gradual and steady recovery of prices, creating a bowl or saucer-like appearance on the chart, and is often a precursor to a continuing upward trend. With today’s long bullish candle, the Fantom price has surpassed the $1.04 resistance, potentially paving the way for a prolonged rise. If the momentum of the rounded bottom pattern continues, we could see the cryptocurrency’s revival reaching $1.25 and possibly hitting $1.68.
