Fantom appears ready to undergo an increase in profit-taking among investors, the token will try to overcome a critical hurdle as price continues.
The Proof-of-Stake network’s FTM token has recovered from the recent flash crash that affected most cryptocurrencies in the market. Its price has rebounded by 38.4% in the last 24 hours, going from a low of $2.50 to a high of $3.46.
Now, FTM has tested the channel’s upper trendline for the third time in the past three days. Such market behavior suggests that resistance continues to hold, which could lead to rejection. Failing to overcome the $3.95 resistance barrier could result in a correction to the channel’s middle or lower trendline.
For Fantom to rise to new all-time highs, it must make a decisive close above the channel’s upper boundary at $3.95. Slicing through this hurdle could result in a breakout, sending FTM into an 85% bull rally toward a new all-time high of $7.30. The bullish outlook derives from measuring the channel’s width and adding that distance upward from the breakout point.
Meanwhile, tickets to FantomDC sold out quickly, and in addition to the 250 in-person attendees (total attendance was capped due to the global pandemic), hundreds are expected to attend virtually. Prominent speakers include Andre Cronje (Fantom core developer and creator of Yearn), Michael Kong (CEO of Fantom), Harry Yeh (Managing Director of Quantum Fintech), Roger Ver (founder of Bitcoin.com), and more.
The event was organized by Keynote Limited, the team behind the North American Bitcoin Conference and the World Blockchain Forum. Notable sponsors and partners include the household names Binance and Red Bull, institutional heavyweights like Protocol Ventures and the Quantum Fintech Group, and a range of projects involved in the booming Fantom ecosystem, including Tomb Finance, SpookySwap, SpiritSwap, Popsicle Finance, Overdrive, ZooCoin, and AnySwap.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
