Pseudonymous analyst Smart Contracter tells his 221,400 Twitter followers that Ethereum rival Fantom looks ready for an uptrend after completing its corrective move down and breaking out of a diagonal resistance.
“Nice FTM downtrend break on USD pair and BTC pair and macrostructure is a big clear three wave move down. Hard not to be looking for longs on some things now in light of this weekend price action.”
Smart Contracter practices the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset typically resumes its uptrend following a three-wave move down or an ABC wave.
At time of writing, FTM is trading for $0.413, well above the analyst’s diagonal resistance at $0.37.
Next up is the blockchain indexing protocol The Graph (GRT). According to the crypto trader, GRT also looks bullish after concluding its ABC wave down.
“So many alts look amazing.
GRT also has a clean ABC down on weekly after five-wave rise.”
At time of writing, GRT is worth $0.144, up over 10% in the past day.
Looking at Ethereum, Smart Contracter says the top altcoin looks strong after rallying from a low of $1,372 on March 10th to close the previous week above $1,500.
“Damn, ETH weekly looking hella bullish now, absolute solid buy back heading into the close.”
At time of writing, Ethereum is trading for $1,678, an increase of over 5% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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