FTM Eyes 70% Hike

Overnight Jump: FTM price has experienced a significant overnight increase, maintaining its position above the 23.60% Fibonacci retracement level.

Bullish Engulfing Candle: The appearance of a bullish engulfing candle indicates strong underlying bullish momentum for FTM.

Price Projection: If the current uptrend continues, the FTM price could potentially reach the $1.75 mark.

Market Capitalization Growth: Fantom's market capitalization is nearing the $3 billion mark, signaling a bullish trend for its native token.

Reaction to Bitcoin's Volatility: Despite the overall market weakness and Bitcoin's price dip below $70,000, FTM has shown a significant jump, raising questions about its sustainability amidst rising BTC volatility.

General Market Sentiment: There is an optimistic market sentiment projecting FTM's price sprint to $10 within the year.

Trend Reversal and Performance: Visible trend reversal in the weekly chart, indicating a significant upside potential. The price has seen a 462% increase over the last 175 days, crossing the $1 mark.

Current Price Status: Despite a recent 18% drop over two weeks, FTM is trading above $1, currently at $1.0298, with an intraday increase of 1.11%.

Technical Indicators: The weekly Relative Strength Index (RSI) remains in the overbought zone, suggesting a strong demand for FTM.

Daily Chart Analysis: A bullish reversal from the $0.8197 mark (or the 50-day EMA) has been noted, with the coin now showing a 5-candle bullish streak, indicative of a rounding bottom reversal.

Optimistic Outlook: Should the buying pressure continue, FTM's uptrend might reach the $1.75 mark, corresponding to the 50% Fibonacci retracement level, suggesting a 70% upside potential.