2024-12-16 17:30 |
FTM price is looking to continue its recent price rise based on some technical metrics. AMCryptoAlex’s analysis shows a potential surge for Fantom (FTM), suggesting a target of $2 based on some technical indicators.
The analyst identifies a trendline breakout on the FTM/USDT weekly chart, showing strong upward momentum.
The price action shows FTM breaking above a critical diagonal resistance that previously capped its upward movement.
After this breakout, the token executed a retest of the $1.10-$1.25 zone, which has transformed from resistance into support. This price behavior often precedes substantial rallies in crypto markets.
Structure Confirms FTM Bullish OutlookThe formation of higher highs and higher lows on the chart reinforces the bullish narrative. The clear break above the trendline, followed by a clean retest, suggests strong buyer interest at current levels. The price structure indicates healthy accumulation, with bears losing control of previous resistance zones.
The technical setup suggests FTM could advance toward the $2 mark, representing a roughly 50% increase from current levels. This target aligns with historical resistance points and appears achievable given the current market structure. The successful retest of support near $1.25 provides a solid foundation for this projected move.
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The analyst’s outlook aligns with broader market technicals, suggesting FTM could be positioning for its next major leg up.
Traders watching this setup may focus on closes above local highs as confirmation signals for the anticipated rally to $2, though market conditions and broader crypto sentiment will likely influence the timing and magnitude of any moves.
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The post Fantom (FTM) Price Could Rally 50% as Key Support Holds appeared first on CaptainAltcoin.
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