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.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less –

Read also: Warning: Bitcoin Price Could Hit $80k Sooner Than You Think – Here’s How!

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:

  1. Short-term target: $1.2350

  2. 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.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Trader Points to ‘Awesome Structure’ On Fantom Chart – Here’s Why He Predicts FTM Price Break is Imminent appeared first on CaptainAltcoin.