Fantom (FTM) increased considerably in December. A breakout above $2.65 would likely lead to a new all-time high price.
The FTM has risen since hitting a low of $ 1.14 on Dec. 4. On the same day, he created a very long lower wick, which is considered a sign of buying pressure (green icon). On December 14, the token created a higher low and resumed its bullish movement at an even faster pace. So far, it has risen 110%, reaching a high of $ 2.59 on Jan. 1.
On Dec 26, FTM broke out from a descending resistance line that had been in place since the Oct 26 all-time high. This confirmed that the correction is complete.
The main resistance area is at $ 2.65. A break above would likely lead to a new all-time high price.
Cryptocurrency trader @AltcoinSherpa tweeted an FTM chart, indicating that the token is likely to rise up to $ 2.4.
Since the tweet, the token has already reached this level, and is now attempting to break out.
Current movement
Technical indicators for FTM in daily time also support the continuation of the bullish movement.
The MACD, which is created by a short- and a long-term moving average (MA), is increasing and has crossed into positive territory (green icon). This means that the short-term MA is faster than the long-term one, and supports the continuation of the upward movement.
The RSI, which is a momentum indicator, is rising and is almost above 70. This is also a sign that a breakout is likely.
The two-hour chart supports these findings.
FTM recovered the $ 2.45 area, which previously served as resistance. Subsequently, it rebounded above on January 3, validating it as support.
FTM/BTC
Similarly, the FTM/BTC pair has been increasing since breaking out from a descending resistance line on Dec 24. While it did not reach a new all-time high, the Jan 1 close (green icon) was the highest daily close in history.
Once it manages to break through the resistance zone of 5,400 satoshi, FTM is expected to hit a new all-time high.
The next resistance area would be at 8000 satoshis, created by the 1.61 external Fib retracement resistance level.
