Guy Turner, the host of the popular Coin Bureau YouTube channel, is sharing his bullish outlook on a competitor of Ethereum. According to Turner, Fantom (FTM), a layer-1 blockchain, has significant potential for growth based on technical analysis.
Turner, who has a subscriber base of 2.47 million on Coin Bureau, points out that the weekly chart of Fantom shows a peculiar head and shoulders pattern that closely resembles the topping pattern observed in late 2021. This pattern suggests that there could be another upward movement in price.
Turner believes that Fantom could potentially surge by around 98%, almost doubling its current price. When examining the weekly chart on a broader scale, he suggests that FTM may rally as high as $1.60 in the near to medium term. However, he notes that resistance from the previous bull market may cause a temporary halt in its upward movement.
As of now, Fantom is trading at $0.810.
Turner supports his optimistic stance on Fantom by highlighting its favorable attributes. He mentions that FTM has attractive “pump-a-mentals,” including a low price tag and a market cap that isn’t excessively large, allowing for the possibility of a significant price increase. Additionally, he notes that the vested supply of FTM to investors and the team implies minimal selling pressure. Turner also mentions the Fantom Foundation’s substantial runway as a positive factor.
The only missing element, according to Turner, is a narrative that retail investors can easily understand and greater accessibility for retail investors. Currently, Fantom is not listed on Coinbase, but Turner suggests that this could change if regulations in the US become more favorable.
It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl, where this article originated, does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.
