‘Brace for a Strong Rally’ – Trader Says Ethereum Rival Has Entered Bullish Zone, Could Surge by Double Digits

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.

Source: Ali Martinez/X

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.”

Source: Ali Martinez/X

MATIC is trading at $0.855 at time of writing, up by 7% over the past 24 hours.

Comments

Post a Comment

Popular posts from this blog

Market Ignores CPI Inflation Data as Scorching Crypto Rally Continues and Money Pours Into Presales

Image
Crypto currencies boomed in recent weeks, especially $ BTC which soared above $50,000 for the first time in 2 years, despite the release of a recent C.P.I.  (Consumer Price Index) that came in higher than expected, signaling a possible delay in rate cuts. This is a testament to the strength of the current bull market as investments pour into presale tokens, especially $GFOX , which is one of the most innovative tokens in the market. Bitcoin Surges Despite Dollar Strength as Investor Interest in Galaxy Fox Presale Hits New Highs On February 13, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) for January 2024, showing the rate at which prices rose in the country for that month. The CPI showed that prices rose by 3.1%, slightly lower than the rate as of December 2023 which was 3.4%. Despite January’s C.P.I. dropping slightly compared to December, according to experts, the rate was somewhat higher than the expected 2.9%.  ...
Read more

How one Web3 company is creating the ultimate crypto ecosystem

Image
Fastex, an up-and-coming crypto project, aims to reshape the Web3 space with one of the most developed ecosystems out there. As the Web3 space continues to grow and evolve, there are now several defined aspects that users tend to affiliate it with. Whether one likes to use crypto for payments or is interested in hunting down the latest NFT collectible, the crypto space is rapidly diversifying what it can offer users. Regardless of the sub-sector, Web3 continues to onboard new users. According to the latest DappRadar industry report, the number of unique active wallets that connected to a blockchain-based application on a daily basis rose significantly in 2022. While in 2021, the Blockchain industry saw an average daily wallet count of about 1.58 million, in 2022, this number skyrocketed to 2.37 million. Still, despite rising activity, one big challenge remains — the Web3 space is fragmented, and the various services the space has to offer require a multitude of tools and interactions ...
Read more

Goldman Sachs Exec. Doesn't Expect Interest Rate Cuts in 2024

Image
Speaking at the ICI 2024 Leadership Summit, Goldman Sachs executive John Waldron stated he did not expect the Federal Reserve to cut interest rates in 2024. Indeed, the investment bank’s President and COO discussed his perspective on the ongoing inflation concerns in the United States. During the conversation, Waldron did note that the firm’s chief economist “forecast that there are two more rate cuts ahead.” However, he questioned the speed of the Central Bank, and called on the Federal Reserve to finally “slay the inflation dragon.” JUST IN: Goldman Sachs CEO says he doesn't expect the Fed to cut interest rates this year. — Watcher.Guru (@WatcherGuru) May 22, 2024 Also Read: Grayscale Hires Goldman Sachs’ Peter Mintzberg as New CEO Goldman Sachs President Doesn’t Forsee Interest Rate Cuts This Year Over the last several years, the US has been engrossed in an ongoing fight against rising inflation. To combat this, the Federal Reserve committed to a tight...
Read more