Crypto analyst Alex Clay shared a technical analysis of Fantom (FTM) on X. The analyst identified several bullish indicators in the FTM chart, suggesting an imminent breakout and potential for price appreciation in the mid-term.
Clay’s analysis, highlights a double bottom accumulation pattern followed by a bullish flag formation. The analyst also noted that the price action is consolidating just below a confluence of resistance levels, including the mid-zone and multiple EMAs.
Technical Indicators Point to Bullish Outlook
The FTM chart presented by Clay reveals a double bottom pattern, which typically signals a potential trend reversal. This formation occurs when an asset’s price reaches a low point, rebounds, then tests that low again before moving higher.
#FTM/USDT Mid-Term Awesome bullish structure on $FTM Double Bottom accumulation, then we got a correction due to the market and formed a Bullish Flag just under the resistance confluence of mid-zone + ema 50 + ema 100 + ema 200Breakout is imminent imo short-term… pic.twitter.com/X1EcmDZMSX
— Alex Clay (@cryptclay) September 16, 2024
In the case of Fantom, Clay identified this pattern around the $0.20 price level. Following the double bottom, the chart shows a period of correction attributed to broader market movements.
However, the price action has since formed a bullish flag pattern just below key resistance levels. This consolidation often precedes a strong move in the direction of the previous trend.
Clay emphasized the significance of the current price position, noting its proximity to multiple resistance factors. These include the mid-zone resistance level and the 50, 100, and 200-day EMAs.
The convergence of these technical indicators creates a formidable resistance zone, which, if breached, could trigger a substantial upward move.
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Price Targets and Potential Milestones
Based on his research, Clay presented Fantom with numerous short to mid-term pricing targets. The analyst’s estimates span a conservative short-term target to aspirational long-term goals:
Short-term target: $1.2350
Mid-term targets: $1.77, $2.7, and $3.63
The short-term target of $1.2350 represents the initial hurdle for FTM, slightly above the current resistance zone. Clay suggests that clearing this level could pave the way for further gains.
The mid-term targets appear to be based on Fibonacci extension levels and historical resistance points. The $1.77 and $2.7 levels mark psychological and technical thresholds, while the $3.63 target approaches Fantom’s previous all-time highs.
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The post Trader Points to ‘Awesome Structure’ On Fantom Chart – Here’s Why He Predicts FTM Price Break is Imminent appeared first on CaptainAltcoin.
