A crypto trader with a large following shared positive views on a highly-ranked altcoin and provided updates on Ethereum (ETH) and Litecoin (LTC).
The Elliot Wave theory
The trader, known as Bluntz, shared with his 223,600 Twitter followers that Fantom (FTM) is likely to experience a surge in value soon. Currently ranked as the 53rd largest cryptocurrency by market cap, FTM is poised for a rally according to Bluntz.
As per Bluntz, who utilizes the Elliot Wave theory for technical analysis, Fantom seems to have finished a downward three-wave corrective pattern near an important Fibonacci retracement level and is now set to continue its main upward trend. The Elliot Wave theory suggests that corrections happen in a three-wave pattern, while the main trend happens in a five-wave pattern.
“Nice basing structure beginning to form here on FTM.
Strong reaction from a major 0.618 Fib level and overall structure from the $0.33 highs looks like a corrective A-B-C [wave pattern].
Above $0.28 and I think FTM flies.”
Fantom is worth $0.282 at time of writing.
Looking at ETH, the analyst says that the lower time frames are suggesting a “pretty bleak” future for Ethereum. From Bluntz’s charts, it appears that he is projecting Ethereum to plummet to below $1,790.
“The lower timeframes looking pretty bleak on ETH.”
As of writing this, the current trading price of Ethereum is $1,885.
Moving on to Litecoin, according to Bluntz’s chart analysis, it seems that the 11th largest cryptocurrency by market capitalization has finished a three-wave corrective pattern at a significant Fibonacci retracement level, indicating that it is likely to surge past $102.
Avalanche, Litecoin new predictions are out
Trader Michaël van de Poppe, who has a significant following of 660,000 on Twitter, suggests that AVAX appears to be in a bullish position after briefly surpassing the resistance level of $14.
Van de Poppe further adds that Avalanche may undergo a cooling-off phase before launching into the next upward trend.
“Great move here, breaking through previous highs. Swept all the highs, so some consolidation seems likely. In that regard, areas at $12.70-$12.95 are potentially for buying the dip towards $16.”
Currently, AVAX is being traded at $13.33. Moving on to Zilliqa (ZIL), which is a blockchain specifically designed for business solutions.
