has been surging from support

The Fantom cryptocurrency (FTM) had a strong start this year, showing significant growth in the crypto market. In February 2024, the price of FTM rose from $0.350 to $1.200 by the third week of March 2024.

However, FTM was unable to maintain these gains and by the fourth week of 2024, it entered a period of decline in a wedge. This decline led to a support level forming at $0.650 by mid-April, where the price stabilized until mid-May 2024.

Additionally, the price pattern indicated that the stabilization phase was broken on May 15th, 2024, when the price touched the upper boundary of the wedge pattern. Recently, FTM has been attempting to stay close to the upper boundary in an effort to break out of this wedge pattern.

The FTM crypto has performed well in the last month, increasing by 15.36. FTM (KRAKEN: FTM) has a positive year-to-date return of 71.20% and a three-month return of 25.94%.

At press time, the FTM price has traded at $0.8208 with an intraday surge of 6.46%, its market cap stands at $2.27 Billion, and its 24-H trading volume is $185.00 Million. There are 2.80 Billion tokens in circulation.
The daily chart for FTM shows that it has been surging from support and remains above the 50-day and 200-day EMAs. Additionally, the MACD indicates a potential bullish crossover, while the RSI is at 53.74. It suggests that the Fantom crypto is still showing strength and may continue to climb higher in the future.

If the breakout is strong, the next targets for the FTM price could be $1.00 and $1.21. Conversely, if the price falls and fails to stay above the $0.750 level, it could decline further.

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