A closely followed crypto analyst believes that one Ethereum (ETH) challenger is gearing up for a breakout rally on the way to printing gains of about 200%.
Trader Ali Martinez tells his 37,800 followers on the social media platform X that the smart contract platform Fantom (FTM) appears to be forming a large bullish reversal pattern on the weekly chart.
According to Martinez, a move above the pattern’s resistance will trigger a rally that can send the altcoin to a level last seen in April 2022.
“Fantom appears to form a ‘W’ pattern on its weekly chart. If FTM sustains a weekly close above $0.57, it will confirm this bullish formation and march toward $1.60!”
At time of writing, FTM is trading for $0.532.
The trader is also closely following the price action of the iris biometric cryptocurrency project Worldcoin (WLD). According to the analyst, WLD is now trading above the diagonal resistance of a bullish continuation pattern.
“Worldcoin shows signs of a breakout from a bull flag on its four-hour chart! If confirmed, this could pave the way for WLD to enter an 80% rally, targeting $6.30.”
At time of writing, WLD is trading at $3.67, down over 5% in the last 24 hours but still above the analyst’s diagonal resistance.
Looking at the blockchain-based gaming ecosystem The Sandbox (SAND), the analyst thinks that the altcoin is poised to move higher after moving a resistance level based on the number of wallets holding SAND at key price levels.
“The Sandbox above $0.55 presents a bullish opportunity! With a clear path ahead and no major resistance, SAND could aim higher. The next critical resistance wall is between $0.90 and $1.35, where 23,000 addresses hold 447 million SAND.”
At time of writing, SAND is worth $0.61.
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