- Fantom (FTM) trades near $1.23 and could reach $12.26 with strong technical signals for growth.
- A broadening wedge formation suggests a possible breakout as momentum builds above critical resistance levels.
- Analyst Alex Clay highlights $5.59, $8.92, and $12.26 as FTM’s next potential price targets.
Fantom (FTM) may soon experience a price breakout based on analysis from Alex Clay, a respected crypto analyst. The coin currently trades near $1.2322 and shows strong potential for gains. A broadening wedge pattern on the weekly chart signals an incoming move, with projected targets reaching up to $12.2610.
Source: Alex Clay
Price Targets and Resistance Levels
Alex Clay outlined three main targets for FTM’s upward momentum. The first target is set at $5.5940, marking the start of a bullish trend. The second target reaches $8.9240, and the final goal stands at $12.2610. These levels align with Fibonacci extensions that support the analysis.
Traders are closely watching immediate resistance zones that sit between $1.95 and $2.30. If FTM can break through this range, it may move toward the next critical zone near $3.00. Once momentum builds, the green zone at $4.50 could confirm a stronger breakout.
Short-Term Consolidation Before Breakout
The analysis also points to possible consolidation near Fibonacci retracement levels. FTM could range between $1.95 at the 0.236 level and $2.34 at the 0.382 level. Traders should monitor this area closely because breaking above it could trigger a large move upward.
The chart also aligns with Elliott Wave theory, which indicates FTM is currently in its wave III phase. This wave typically leads to the most gains during a bullish structure. If this phase continues, FTM may hit its long-term targets.
Market Sentiment and Community Response
The analysis by Alex Clay has gained widespread attention with 29.6K views and hundreds of engagements. While some traders believe the price can hit double digits, others remain cautious. One commenter expressed doubts about FTM reaching $12.26 this cycle and suggested $5 might be more realistic.
However, the bullish setup continues to attract investor interest as technical signals remain clear. The broadening wedge pattern, combined with Fibonacci levels, provides strong evidence for upward potential.
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