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The host of the Coin Bureau YouTube channel, Man Turner, is expressing bullish sentiment on one Ethereum (ETH) competitor.
Turner tells the two.47 million subscribers of the Coin Bureau channel that the layer-1 blockchain Fantom (FTM) possesses extra upside potential based mostly on technical evaluation.
“The weekly chart seems to be portray a wonky head and shoulders sample that appears eerily much like the topping sample FTM noticed in late 2021. Notably, this sample implies that there could possibly be another leg larger.”
In accordance with Turner, Fantom might go up by roughly 98%, nearing double its present worth.
“Zooming out on the weekly chart means that FTM might rally as excessive as $1.60 within the brief to medium time period the place it’s going to doubtless stall out because of resistance, also called bag holders, from the earlier bull market. After that, it’s anybody’s guess.”
Fantom is buying and selling at $0.810 at time of writing.
On the explanations supporting his bullish thesis for Fantom, the Coin Bureau host says,
“FTM has some stable ‘pump-a-mentals,’ so to talk. It has a low price ticket and a market cap that isn’t so giant as to ban an epic pump.
The truth that FTM’s provide has already vested to traders and the staff suggests there shall be minimal promote strain from their facet, notably whenever you issue within the Fantom Basis’s apparently monumental runway…
The one factor that FTM is lacking is a story that retail traders can perceive. And extra retail accessibility. Particularly, FTM just isn’t presently listed on Coinbase although it’s potential this might change if laws within the US change.”
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Disclaimer: Opinions expressed at The Day by day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in online marketing.
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