Analyst Anticipates 200% Surge for Ethereum Competitor, Identifies Promising Low-Cap Altcoin Ready for Breakout
A well-respected crypto analyst has made a bold prediction, suggesting that an alternative to Ethereum (ETH) is on the verge of a remarkable rally, potentially soaring by as much as 200%. Ali Martinez, a trader followed closely by 37,800 users on social media platform X, points to Fantom (FTM) as a smart contract platform displaying signs of a significant bullish reversal pattern on its weekly chart.
Martinez argues that if Fantom manages to breach the resistance level of this pattern, it will trigger a surge that could carry the altcoin to a level unseen since April 2022. He stated, “Fantom appears to be forming a ‘W’ pattern on its weekly chart. If FTM secures a weekly close above $0.57, it will confirm this bullish formation and push towards $1.60!”
As of now, FTM is trading at $0.532.
Additionally, the trader is closely monitoring the price action of Worldcoin (WLD), a cryptocurrency project that incorporates iris biometrics. Martinez believes that WLD is currently trading above the diagonal resistance of a bullish continuation pattern. If confirmed, this breakout could potentially propel WLD to an 80% rally, with a target of $6.30.
At present, WLD is priced at $3.67, having dropped by over 5% in the past 24 hours. However, it remains above the analyst’s indicated diagonal resistance.
The analyst also has his sights set on The Sandbox (SAND), a blockchain-based gaming ecosystem. He contends that the altcoin is primed for an upward move, having surpassed a resistance level determined by the number of wallets holding SAND at significant 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,” said Martinez.
Currently, SAND is valued at $0.61.
Image Source: Midjourney