- A crypto analyst closely followed by the crypto community is predicting a bullish breakout for the popular altcoin, its Ethereum (ETH) rival, as one of the on-chain metrics shows promising strength.
In a new video update, the host of InvestAnswers has an Ethereum rival to its 442,000 subscribers. Phantom (FTM) steady increase in daily transactions in the near future FTM token reported that it could be a harbinger of an upward movement for
“This chart is Phantom transactions compared to Ethereum. As you know, I like to look at transactions. Transaction rates, daily active users, things like that… If you look at the daily transaction count here, Ethereum has 1.2 million transactions while Fantom has 922,000 transactions. If you look at the chart, the Phantom… has been slowly progressing since May 2021. Phantom is slow and stable, but that’s a very good thing sometimes. In this way, the race can be won.
We’re not seeing a huge drop in transactions like with other chains, so this is a bullish move for Fantom. It’s worth taking another look at it.”
FTM token Looking at its technical specifications, the analyst says that if Fantom manages to break through its sudden resistance, the smart contract platform is ready for a significant rise from current prices.
“Another interesting thing when you look at the Phantom… there is some resistance around $0.34 and a potential increase of 12-20% is expected as we move forward. Who knows, we could go for $0.40 or even a little more pretty quickly.
There’s a bullish thesis about this right now… Also, when you look at the volume on Phantom, it made a volume of 310 million, which is a significant increase over the previous volume. That’s why so many activities are coming back. ”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.