The crypto industry experiences a significant bounce back with the total market cap recording a jump of over 7% within the past 24 hours. Further, top crypto tokens such as Bitcoin and Ethereumhave added approximately 10% each in their respective portfolios, highlighting a bullish reversal in the crypto space.

On the other hand, the Fantom price has successfully surpassed the $1 mark for the first time in two years, indicating a bullish price action for this altcoin in the coming time. Further, the FTM pricehas added approximately 13% within the past 24 hours and its YTD stands at 127.46%.

Fantom Price Records A 23-Month High!

The FTM price traded in a closed range between $0.3870 and $0.4590 for a period, following which the bulls broke out of the resistance level but continued to trade sideways with the help of the support level. As the market volatility grew, the bulls jumped 41.79% in valuation before facing rejection at $0.7090.

After trading sideways for a while, the bulls regained momentum and successfully broke out of the resistance level by jumping over 45%. Following this, the Fantom price displayed a neutral trend by trading in a closed range between $0.7090 and $0.8500 for the next nine days.

TradingView: FTM/USDT

Following this, the Fantom token experienced increased volatility, resulting in the FTM price trading in a consolidated range between %0.7090 and $0.9590. Recently, the bulls successfully surpassed the $1 mark, highlighting a strong bullish sentiment in the crypto space.

The technical indicator, MACD, displays a constant green histogram, indicating an increased buying-over-selling pressure in the crypto market. Further, the averages show a steady rise, suggesting a positive price action for the altcoin in the coming time.

Will FTM Coin Go Up?

If the market pushes the FTM coin price above the resistance level of $1.1170, the bulls will regain momentum and test its upper resistance level of $1.250. Maintaining the price at that level will set the stage for the Fantom token to attempt to test its upper level of $1.40 in the coming time.

Conversely, if a trend reversal occurs, the Fantom crypto will lose momentum and test its support level of $1. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.850 by the coming weekend.