A widely followed crypto analyst is predicting that one Ethereum (ETH) rival is setting up for an epic surge even after outperforming the broader crypto markets over the last few days.
Crypto strategist Michaël van de Poppe tells his 642,900 Twitter followers that Fantom (FTM) went on a strong surge this week before seeing a brief retracement.
The trader says he expects FTM to hold support between the $0.22 and $0.24 price range before bulls push it toward $0.50.
“Such a strong move on FTM the past week. Back to $0.26, which is a good sign. Probably some correction will happen at some point, through which I’d be eyeing $0.24 and $0.22, but wouldn’t surprise me if this runs to $0.40-$0.50 coming one to two weeks.”
At time of writing, FTM is changing hands at $0.24, down nearly 2% on the day.
Next, the strategist focuses on blockchain scaling solution Polygon (MATIC), predicting a rally that could possibly retest the $1.30 price level.
“Showing strength recently. If $0.84 grants a long, I’d be looking for one there. Further, expecting continuation towards $1 and higher in the coming few weeks, potentially a retest at $1.30.”
At time of writing, MATIC is changing hands at $0.93, up 2.51% in the last 24 hours.
In his Eight Global newsletter, Van de Poppe focuses on peer-to-peer payments network Litecoin (LTC), saying it is outperforming other altcoins.
“Litecoin has been acting in a strong manner as it has been continuing the breakout of the range. Many altcoins have been making new lows, but Litecoin didn’t and cracked the resistance at $65, through which a significant run to $80 took place.”
He says Litecoin can rally to about $96, but only if it can find support at key price levels along the way.
“A few levels are essential to watch; some have already been activated. The first scenario is a trade based on the $71 level, and that one got filled overall. Further, you’d preferably want to see a retest on the $72 level, through which a long can still be activated towards the $100 region.”
At time of writing, Litecoin is changing hands at $77.11, a fractional increase on the day.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Salamahin/Philipp Tur
Source: https://dailyhodl.com/2022/12/03/one-ethereum-competitor-is-gearing-up-for-massive-rally-says-crypto-analyst-michael-van-de-poppe-heres-the-timeline/