Cryptocurrency Analyst Predicts Bullish Surge for Ethereum Competitor
Cryptocurrency analyst and trader Ali Martinez believes that Fantom (FTM), an Ethereum competitor, is poised for a bullish rally. Martinez notes that FTM’s ability to overcome a key resistance level indicates a significant turn in favor of the smart contract-enabled blockchain platform’s native token. He predicts that FTM could surge by approximately 35% to reach $0.65, as long as it remains above the crucial support level of $0.47.
Investors in Profit with Fantom
Data from blockchain analytics platform IntoTheBlock shows that 99.21% of investors who bought FTM between $0.399 and $0.542 are currently profitable, while only 0.76% are in the red.
Polygon Faces Major Resistance
Martinez also discusses Polygon (MATIC), another Ethereum scaling solution, which is currently facing a significant resistance zone. This zone, ranging from $0.79 to $0.84, holds over 4.24 billion MATIC tokens owned by around 39,000 addresses. Breaking through this level is crucial for MATIC to reach new highs.
Price Action and Current Performance
At the time of writing, FTM is trading at $0.482, marking a more than 60% increase over the past month. Meanwhile, MATIC is trading at $0.855, with a 7% increase in the last 24 hours.
Hot Take: Ethereum Rival Primed for Bullish Surge
Cryptocurrency analyst Ali Martinez predicts a strong rally for Fantom (FTM), an Ethereum competitor. With FTM overcoming a key resistance level, Martinez believes the native token has entered a bullish zone and could potentially surge by 35% to reach $0.65. Similarly, Polygon (MATIC), another Ethereum scaling solution, faces a significant resistance zone that it must overcome to reach new heights. FTM and MATIC have shown positive price performance, with FTM up over 60% in the past month and MATIC up 7% in the last 24 hours.
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