One cryptocurrency strategist believes that an altcoin that trades below the radar could repeat its mid-2020 price action to reap huge gains.
Supply chain management blockchain VeChain (VET) is poised to break out of immediate resistance at $0.033, analyst Ali Martinez told his 35,900 followers on social media platform X.
According to analysts, VET appears to be reflecting the consolidation between 2018 and 2020, and a breakout could push the altcoin to its long-term target of $0.70.
“VChainthe forgotten chinese Ethereum, appears to reflect the consolidation phase seen in 2018-2020! then, veterinarian It may break the $0.033 resistance barrier in the next two weeks. The upward trend can be sent veterinarian It will increase to $0.077 by the end of January. “That’s a 150% increase in price!”
As of this writing, VET is trading at $0.030, suggesting an upside potential of approximately 2,230% if the altcoin achieves analysts’ long-term goals.
Looking at smart contract platform Cardano (ADA), the analyst notes that the altcoin is positioned to eliminate diagonal resistance.
“Cardano is forming a descending triangle on lower time frames. A sustained close above $0.638 could trigger a bullish breakout, potentially pushing ADA towards $0.700.
However, watch the $0.613 support closely. Weakness at this level could weaken ADA’s bullish momentum.”
As of this writing, ADA is worth $0.614.
As for Ethereum (ETH) rival Phantom (FTM), traders say the altcoin is currently trading at key resistance levels and a breakout could trigger a nearly 50% surge.
“Fantom has reached a significant resistance zone. Over 1,430 addresses hold 657.6 million FTM accumulated between ($0.44) and $0.46.
For a bull market to take off, FTM must boldly break through this area. If successful, we could see a 45% rally targeting $0.65.”
As of this writing, FTM is trading at $0.42.
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