A popular crypto trader says Ethereum (ETH) rival Fantom (FTM) could double in price while updating his outlooks on Bitcoin (BTC) and two altcoins.
Pseudonymous trader Altcoin Sherpa tells his 189,900 Twitter followers that Fantom is finding bullish support at a key price level of around $0.44 and could soon shoot up by 100%.
“FTM: This chart looks great to be honest; if we see a one-week close above this level, it has a chance of doubling. Still to be determined if that is going to happen but the one-day is already looking strong.”
At time of writing, FTM is changing hands at $0.49.
Next, the trader says Bitcoin is likely to hit $25,000 in February when it could either slightly retrace before testing $30,000 in March or collapse further toward $21,000.
“BTC: I think this goes one of two ways; we either hit $25,000 and start dumping or we go to $25,000, pull back and then go up to test $30,000. Regardless, I am looking for $25,000 as an ultimate target for this current run; alts should be fine until then.”
At time of writing, Bitcoin is valued at $22,996.
Sherpa also looks at two altcoins that have skyrocketed in price, Optimism (OPT) and Aptos (APT).
He says Ethereum scaling solution Optimism has likely reached the top of its rally and will soon start to decline.
He sets a resistance level at $2.19 and a support level at $1.876. OPT hit an all-time high of $2.57 on Saturday, which is a gain of more than 179% since the opening of 2023.
At time of writing, Optimism is changing hands at $2.17.
Sherpa says smart contract protocol Aptos is heading lower after a massive rally but may climb a bit more before doing so.
“Guys, APT is going to be a great short eventually but don’t be so quick to do it. Trying to short something like this on the first go is like jumping in front of a speeding train. I think waiting for the lower high is a much better play (and safer).”
After opening the year at $3.45, Aptos soared to $20.27 Wednesday, a more than 487% increase.
At time of writing, Aptos is changing hands at $18.31.
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Source: https://dailyhodl.com/2023/01/26/top-crypto-trader-says-one-ethereum-rival-could-erupt-by-100-updates-outlook-on-bitcoin-and-altcoins/