The host of Coin Bureau’s YouTube channel, Guy Turner, expresses his bullish sentiment on an Ethereum (ETH) competitor.
Turner tells the 2.47 million subscribers of the Coin Bureau channel that the layer-1 blockchain Fantom (FTM) holds more upside potential based on technical analysis.
“The weekly chart appears to be showing a shaky head-and-shoulders pattern that looks eerily similar to the top pattern FTM saw at the end of 2021. This pattern specifically implies that there could be another leg higher.”
According to Turner, Fantom could rise about 98%, almost double its current price.
“Zooming out on the weekly chart suggests that FTM could rise to $1.60 in the short to medium term, where it is likely to stagnate due to resistance, known as ‘bagholders’, from the previous bull market. After that it is a mystery to everyone.”
Fantom is trading at $0.810 at the time of writing.
On the reasons supporting his bullish thesis for Fantom, the Coin Bureau host says:
“FTM has some solid ‘pump-a-mentals,’ so to speak. It has a low price tag and a market cap that isn’t so big as to prohibit an epic pump.
The fact that FTM’s offering is already in the hands of investors and the team suggests that there will be minimal selling pressure on their part, especially when you take into account the apparently huge runway of the Fantom Foundation…
The only thing FTM lacks is a story that private investors can understand. And more store accessibility. Specifically, FTM is not currently listed on Coinbase, although it is possible that this could change if regulations change in the US.”
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