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The host of the Coin Bureau YouTube channel, Guy Turner, is expressing bullish sentiment on one Ethereum (ETH) competitor.
Turner tells the 2.47 million subscribers of the Coin Bureau channel that the layer-1 blockchain Fantom (FTM) possesses more upside potential based on technical analysis.
“The weekly chart appears to be painting a wonky head and shoulders pattern that looks eerily similar to the topping pattern FTM saw in late 2021. Notably, this pattern implies that there could be one more leg higher.”
According to Turner, Fantom could go up by approximately 98%, nearing double its current price.
“Zooming out on the weekly chart suggests that FTM could rally as high as $1.60 in the short to medium term where it will likely stall out due to resistance, also known as bag holders, from the previous bull market. After that, it’s anyone’s guess.”
Fantom is trading at $0.810 at time of writing.
On the reasons supporting his bullish thesis for Fantom, the Coin Bureau host says,
“FTM has some solid ‘pump-a-mentals,’ so to speak. It has a low price tag and a market cap that isn’t so large as to prohibit an epic pump.
The fact that FTM’s supply has already vested to investors and the team suggests there will be minimal sell pressure from their side, particularly when you factor in the Fantom Foundation’s apparently enormous runway…
The only thing that FTM is missing is a narrative that retail investors can understand. And more retail accessibility. Specifically, FTM is not currently listed on Coinbase though it’s possible this could change if regulations in the US change.”
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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.
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