A closely watched crypto analyst believes an Ethereum (ETH) challenger is gearing up for a breakout rally on its way to book gains of around 200%.
Trader Ali Martinez tells his 37,800 followers on social media platform X that smart contract platform Fantom (FTM) appears to be forming a major bullish reversal pattern on the weekly chart.
According to Martinez, a move above the pattern’s resistance will trigger a rally that could send the altcoin to levels last seen in April 2022.
“Phantom appears to be forming a ‘W’ pattern on the weekly chart. If FTM maintains a weekly close above $0.57, it will confirm this bullish formation and march towards $1.60!”
At the time of writing, FTM is trading at $0.532.
The trader is also closely monitoring the price action of the iris biometric cryptocurrency project Worldcoin (WLD). According to the analyst, WLD is now trading above the diagonal resistance of a bullish continuation pattern.
“Worldcoin is showing signs of a bull flag breakout on the four-hour chart! If confirmed, this could pave the way for WLD to enter an 80% rally targeting $6.30.”
At the time of writing, WLD is trading at $3.67, down more than 5% in the last 24 hours, but still above the analyst’s diagonal resistance.
Looking at the blockchain-based gaming ecosystem The Sandbox (SAND), the analyst thinks the altcoin is poised to move higher after clearing a resistance level based on the number of wallets holding SAND at key price levels.
“The sandpit 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.”
At the time of writing, SAND is worth $0.61.
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Generated image: Midjourney