The evolving double bottom pattern enhanced Bullish Fantom price predictions, especially as the 21% upside move of the day has violated the neckline resistance at 2.3172.
This comes on the back of renewed optimism on the token, following last week’s upward adjustments to the Incentive Rewards Program. Fantom was named as the fastest-growing DeFi project since September. The YTD price gain on Fantom lies at nearly 7,000% and could see more demand as the network aims to become an alternative destination to Ethereum to develop DeFi smart contracts.
Fantom price is up 21.84% as of writing.
The double bottom pattern looks set to be completed if the daily candle closes above the neckline at 2.3172. This scenario clears the skies for the bulls to fly towards 2.6196, which would mark the completion point for this move. The 3.005 psychological resistance (October 30 and November 10 highs) forms an additional target to the north if the upside move exceeds its projected completion point.
On the flip side, a rejection at the 2.3172 price mark could allow for a price drop towards the higher bottom at 1.9369. 1.6494 and 1.1670 form additional price targets to the south if the price deterioration continues below the pattern’s troughs.
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This post was last modified on %s = human-readable time difference 18:58