According to the latest reports, it seems that the Ethereum rival FTM could be expecting a new rally. Check out the latest reports here.
ETH rival could see new rally
A popular crypto analyst said not too long ago that we can expect a surge for an Ethereum (ETH) challenger. The reason is the fact that there is one of its on-chain metrics that is showing promising strength.
In a new video update, the pseudonymous host of InvestAnswers stated that Ethereum rival Fantom (FTM) and its steady rise in transactions per day could signal bullish action for FTM in the near future.
“This is the Fantom transactions compared to Ethereum. As you guys know, I like to look at transactions.”
He also said the following:
“Transaction rates, daily active users, stuff like that… Here, if you look at the number of the transactions per day, Ethereum at 1.2 million transactions versus Fantom 922,000. If you look at the graph, Fantom… it’s going slowly since May 2021. So it’s slow and steady and that sometimes is very good. It wins the race.”
The analyst also said this:
“We’re not seeing a huge dropoff in transactions like other chains, so this is bullish for Fantom. It might be worth another look.”
The analyst is looking at FTM technicals
Looking at FTM’s technicals, the analyst says the smart contract platform is targeting a significant rally. But this could only happen if Fantom manages to take out its immediate resistance.
“Now what’s interesting as well, when you look at Fantom… There’s a little bit of resistance around $0.34, and potentially a 12-20% run beyond that as we go forwards. So who knows, we could go back up to $0.40 pretty quick or even a little bit more.”
The analyst said that a lot of activity is coming back. Stay tuned for more news and make sure to keep an eye on the market.