In recent times, comments about Ethereum rival projects in cryptocurrencies continue to pour in. One of these projects was discussed by Coin Bureau YouTube channel host Guy Turner, who expressed his expectations of a rise. The cryptocurrency mentioned in the midst of this rise expectation continues to eye a spot in the top 50 by volume ranking.
Fantom Analysis and Comments
Turner, in his statement on the Coin Bureau YouTube channel, drew investors’ attention by stating that the layer-1 blockchain Fantom (FTM) could potentially move further upwards based on its technical analysis.
The weekly chart seems to be drawing a strange head and shoulders formation eerily similar to the peak formation seen in late 2021. Notably, this formation indicates there could be one more bullish leg.
According to Turner’s statement, Fantom could approach twice its current price level and potentially rise by approximately 98%.
Looking at the weekly chart, FTM could rise to $1.60 in the short to medium term and will likely stop due to resistance from the previous bull market, known as bag holders. No one can predict what happens next.
How Much is Fantom Worth?
The YouTube program host also explained the reasons supporting his expectation of a rise for Fantom and said:
FTM has some solid ‘pump-a-mentals,’ so to speak. It has a low price tag and a market cap that isn’t large enough to prevent an epic pump.
The fact that FTM’s supply has already been given to investors and the team indicates minimal selling pressure from their side, especially considering the seemingly enormous runway of the Fantom Foundation…
The only thing missing in FTM is a narrative that individual investors can understand. And more retail accessibility. Notably, FTM is not currently listed on Coinbase, but this could change if regulations in the US change.
As of the time of writing, Fantom is trading at $0.8355 after a 4% rise. The weekly review shows that FTM has experienced a 4% decline. In the 30-day outlook, a 15% rise on the FTM side does not go unnoticed.
After all these price movements, FTM reached a market value of $2.3 billion and ranks 52nd in terms of volume.
