dailyhodl.com
A crypto strategist thinks that one altcoin that’s trading under the radar could repeat its mid-2020 price action en route to printing massive gains.
Analyst Ali Martinez tells his 35,900 followers on the social media platform X that supply-chain management blockchain VeChain (VET) looks poised to break out of its immediate resistance at $0.033.
According to the analyst, VET appears to be mirroring its consolidation between 2018 to 2020 and a breakout could push the altcoin to his long-term target of $0.70.
“VeChain, the forgotten Chinese Ethereum, appears to mirror the consolidation phase we saw in 2018-2020! If so, VET could break through the $0.033 resistance barrier within the next two weeks. The upswing could send VET to $0.077 by late January. That’s a 150% price increase!”
At time of writing, VET is trading for $0.030, suggesting an upside potential of about 2,230% if the altcoin hits the analyst’s long-term target.
Looking at the smart contract platform Cardano (ADA), the analyst notes that the altcoin is in a position to take out its diagonal resistance.
“Cardano is forming a descending triangle on the lower time frames. A sustained close above $0.638 could trigger a bullish breakout, potentially propelling ADA toward $0.700.
However, keep a close eye on the $0.613 support. Any weakness at this level could dampen the ADA bullish momentum.”
At time of writing, ADA is worth $0.614.
As for Ethereum (ETH) rival Fantom (FTM), the trader says that the altcoin is currently trading at a key resistance level and a breakout could ignite a nearly 50% surge.
“Fantom has hit a significant resistance zone. Over 1,430 addresses hold 657.60 million FTM accumulated between [$0.44] and $0.46.
For a bullish leap, FTM needs to break through this area decisively. If it succeeds, we could see a 45% rally, aiming for $0.65.”
At time of writing, FTM is trading for $0.42.