Cryptocurrency analyst and trader Ali Martinez recently shared insights on Fantom’s (FTM) and Polygon’s (MATIC) price actions, highlighting potential trajectories for both digital assets.
Altcoins always make moves with Bitcoin’s price action. If Bitcoin’s price stays over $44,000 and the outlook is favorable, the FTM price might rise to $0.7990, the upper resistance zone where 7,710 wallet addresses bought 61.6 million FTM tokens. According to Santiment, Bitcoin’s supply-to-profit ratio has risen to 89%, warning investors to be cautious as the new year approaches. But one analyst says the altcoin market is set to make a bullish move.
FTM Price will rally to $0.65 if this happens!
Last week, Fantom (FTM) surged double digits and crossed $0.47. While the trading volume spiked 116% to $337M, while Fantom futures open interest soared 25% to $123.6M. Interestingly, FTM rose 15% in the past week and nearly 56% in the past month. Some analysts believe bulls might push further, especially after today’s Fantom price breakout.
Ali Martinez pointed out a significant development for Fantom (FTM), noting its breakthrough of a crucial resistance level, a move he believes marks a bullish turn for the smart contract-enabled blockchain platform’s native token. Fantom (FTM) is a major smart contract player. Flexible testing and solution iteration distinguish the platform from competitors. Market reactions to Fantom (FTM) updates are shown in its price movements.
With FTM currently trading at $0.482, up by an impressive 60% over the past 30 days, Martinez foresees a potential surge of approximately 35% to around $0.65, contingent on FTM maintaining itself above the critical support level of $0.47. Martinez also referenced investor sentiment, citing data from IntoTheBlock, revealing a majority of investors in profitable positions with FTM.
Challenges for Polygon (MATIC) at $0.91?
In contrast, Martinez also identified a formidable challenge for Polygon (MATIC). He highlighted a tough resistance zone ranging from $0.79 to $0.84, where approximately 39,000 addresses hold over 4.24 billion MATIC. Breaking through this resistance is crucial for MATIC to initiate an upward trajectory. MATIC trades at $0.855 despite this hurdle, reflecting a 7% increase over the past 24 hours.
Can Altcoin’s Make a Breakthrough
The analysis provided by Martinez offers valuable insights into the potential movements of these cryptocurrencies. While Fantom (FTM) displays promising signs following its recent breakthrough, Polygon (MATIC) grapples with a significant resistance zone that demands a robust surge to surpass. Investors and enthusiasts closely monitor these developments for potential trading opportunities amid the dynamic cryptocurrency market.
