Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
December 27, 2023

Analyst Predicts 200% Rally for Ethereum Competitor, Says One Low-Cap Altcoin Showing Signs of a Breakout

By Henry Kanapi

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.

ADVERTISEMENT

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!” 

Source: Ali Martinez/X

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.

ADVERTISEMENT

“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.” 

Source: Ali Martinez/X

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.” 

Source: Ali Martinez/X

At time of writing, SAND is worth $0.61.

ADVERTISEMENT
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
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 losses 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.

Generated Image: Midjourney