Guy Turner, host of the Coin Bureau YouTube channel, expressed bullish sentiments about one Ethereum (ETH) competitor.
Turner tells the Coin Bureau channel’s 2.47 million subscribers that layer-1 blockchain Fantom (FTM) has more upside potential based on technical analysis.
“The weekly chart appears to be drawing a volatile head and shoulders pattern that is eerily similar to the topping pattern FTM saw at the end of 2021. In particular, this pattern means that one leg can be raised higher.
According to Turner, the Fantom could rise to about 98%, nearly double its current price.
“If you zoom out on the weekly chart, FTM could rise towards $1.60 in the short to medium term and is likely to stall due to resistance, also known as the back holder of the previous bull market. After that, it’s anyone’s guess.”
Fantom is trading at $0.810 at the time of this writing.
As for the reasons behind his bullish claims about Fantom, the Coin Bureau host says:
“FTM has a solid ‘mentality’, so to speak. It has a low price and a market capitalization that is not large enough to ban Epic Pump.
The fact that FTM’s supply has already been vested in investors and the team suggests that selling pressure on their part will be minimal, especially considering the Phantom Foundation’s apparently huge runway…
The only thing FTM is missing is an explanation that retail investors can understand. And it provides greater retail accessibility. Notably, FTM is not currently listed on Coinbase, but this may change if US regulations change.”
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