Two DeFi tokens—Fantom (FTM) and Conflux (CFX)—are gearing up for a potential breakout. With their current price trends at critical junctions, investors are keenly watching to see if these tokens can sustain their momentum and potentially hit the $1 mark in the near future.
In recent weeks, both FTM and CFX have shown impressive recovery patterns. Despite a slight pullback among leading altcoins, these tokens are positioned to capitalize on any bullish momentum that may arise as October unfolds.
Fantom has recently demonstrated a remarkable resurgence, increasing by approximately 155% from its 52-week low of $0.2631 to a current price of $0.6731. This recovery signifies a trend reversal, breaking through previous resistance levels and reclaiming the critical psychological threshold of $0.50.
The daily chart for FTM reveals a promising upward trajectory, supported by a golden crossover as the price surpasses both the 50-day and 200-day Exponential Moving Averages (EMAs). This technical indicator often signals sustained bullish momentum.
Currently, FTM’s price fluctuates between the 38.2% and 50% Fibonacci levels, specifically at $0.6171 and $0.7175. A breakout above the 50% Fibonacci level could unleash significant bullish momentum, potentially pushing the price toward the coveted $1.001 mark.
Short-term targets for FTM are projected at approximately $0.81 and $0.96, with an optimistic outlook suggesting a longer-term goal of $1.14 by year-end. A breakout beyond this could even challenge the 1.618 Fibonacci level, estimated at $1.6693, igniting further investor interest.
Conflux is also experiencing a positive trend, recently bouncing off crucial support at $0.11385. Over the past two months, CFX has surged nearly 60%, demonstrating strong upward momentum.
The CFX price action indicates a trendline breakout rally, with the current price trading at $0.18, marking a 5.60% intraday gain. As it moves beyond the 23.6% Fibonacci level at $0.16, CFX is now eyeing the 50% level at $0.24. This ascending trajectory suggests a continuation of bullish sentiment.
The increased momentum is reflected in the surpassing of both the 50-day and 200-day EMAs, which also hints at a possible golden crossover. While the MACD and signal lines remain uncertain, the overall trend supports a positive outlook.
If CFX successfully breaks through the 50% Fibonacci level, it will complete a rounding-bottom reversal pattern, setting the neckline at $0.24. Subsequent price targets would then shift to $0.51 and $1.31, depending on market conditions.
With both Fantom and Conflux showing signs of bullish recovery, the questions on investors’ minds revolve around the tokens’ abilities to maintain their momentum. As the DeFi space continues to evolve, many believe that these tokens have the potential to reach new heights.
Market sentiment plays a crucial role in the recovery of altcoins like FTM and CFX. Positive news surrounding technological advancements, partnerships, or regulatory developments can significantly influence price movements. Therefore, staying updated on industry trends is vital for investors.
Both tokens offer compelling investment opportunities, especially for those looking to diversify their portfolios within the DeFi sector. With lower transaction costs and scalability advantages compared to Bitcoin and other major cryptocurrencies, FTM and CFX are positioned favorably for long-term growth.
As October unfolds, Fantom and Conflux are at pivotal points in their price trajectories. With their bullish patterns and technical indicators pointing toward possible surges, many investors are hopeful that these DeFi tokens will hit the $1 mark and beyond.
As always, potential investors should conduct thorough research and consider market volatility before making investment decisions. With the right momentum, FTM and CFX could pave the way for a new wave of DeFi growth, making them tokens to watch closely in the coming weeks.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
Join Now