Cryptocurrency analyst and trader Ali Martinez is expressing bullish sentiment on an Ethereum (ETH) competitor based on price action.
Martinez tells his 36,800 followers on the X social media platform that Fantom (FTM) managing to overcome and stay above a key resistance level “marks a significant bullish turn” for the smart contract-enabled blockchain platform’s native token.
According to Martinez, FTM has the potential to surge by about 35% from the current level to around $0.65.
“As long as FTM stays above this crucial level [of $0.47], brace for a strong rally!”
Per a chart citing data from blockchain analytics platform IntoTheBlock, 99.21% of investors and traders who bought FTM at between $0.399 and $0.542 are in profit while only 0.76% are underwater.
Fantom is trading at $0.482 at time of writing, up by over 60% over the past 30 days.
Next up is the Ethereum scaling solution Polygon (MATIC). Martinez says that Polygon has an enormous resistance zone to overcome.
“Polygon is currently up against a tough supply wall, ranging from $0.79 to $0.84. In this zone, around 39,000 addresses are holding over 4.24 billion MATIC.
For MATIC to embark on a journey to new heights, it’s crucial to break through this level with conviction.”
MATIC is trading at $0.855 at time of writing, up by 7% over the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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