A crypto analyst says an under-the-radar altcoin could make big gains by repeating its mid-2020 price action. The analyst also expects a rally for Ethereum rival 2 altcoins.
The analyst expects a short-term rally from VET and a boom in the long term!
cryptokoin.comAs you follow from , there is some gloom in the market this week. However, analysts do not care too much about this. Popular analyst Ali Martinez says supply chain management blockchain VeChain (VET) looks set to break the immediate resistance at $0.033. According to the analyst, VET reflects its consolidation between 2018-2020. Therefore, it is possible for the altcoin price to reach its long-term target of $0.70 in the event of a breakout. In this context, the analyst makes the following statement:
VeChain, the Forgotten Chinese Ethereum, appears to reflect the consolidation phase we saw in 2018-2020! If so, VET could break the $0.033 resistance barrier in the next two weeks. The rise could push VET to $0.077 by the end of January. That’s a 150% price increase!
Source: Ali Martinez
At the time of writing, VET was trading at $0.030. If the altcoin reaches the analyst’s long-term target, this would mean an upside breakout of approximately 2,230%.
These levels are critical for ADA
The analyst next looks at smart contract platform Cardano (ADA). Ali Martinez states that the altcoin price is in a position to overcome its diagonal resistance. In this regard, the analyst points to the following levels:
Cardano forms a descending triangle on lower time frames. Cardano’s sustained close above $0.638 could trigger an uptrend and push ADA towards $0.700. However, keep a close eye on the $0.613 support. Any weakness at this level could reduce ADA’s bullish momentum.
Meanwhile, at the time of writing, ADA was trading at $0.5749, down around 4% on a daily basis. Therefore, the altcoin price remains below the levels stated by the analyst.
If the leading altcoin rival exceeds this level, a 45% rally is at the door!
Finally, the analyst moves on to Fantom (FTM), a rival of leading altcoin Ethereum. The analyst says FTM is currently trading at a significant resistance level. He predicts that if it breaks that it would spark an increase of about 50%. In this context, the analyst makes the following statement:
Phantom has reached a significant resistance zone. There are 657.60 million FTMs accumulated between $0.44 and $0.46 in more than 1,430 addresses. For a bullish bounce, FTM needs to overcome this zone decisively. If successful, we could see a 45% rally targeting $0.65.
At the time of writing, FTM was trading at $0.4077, losing 1.5% on a daily basis. The altcoin saw a gain of approximately 14% on its weekly chart.
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