A crypto strategist thinks an altcoin trading under the radar could repeat its price action in mid-2020 on its way to massive gains.
Analyst Ali Martinez tells his 35,900 followers on social media platform
According to the analyst, VET appears to reflect the consolidation between 2018 and 2020 and a breakout could push the altcoin towards its long-term target of $0.70.
“VeChainthe forgotten Chinese Ethereum, seems to reflect the consolidation phase we saw in 2018-2020! If, VETERINARY SURGEON could break the resistance barrier at $0.033 within the next two weeks. The revival could steer VETERINARY SURGEON to $0.077 at the end of January. That’s a price increase of 150%!”
At the time of writing, VET is trading at $0.030, suggesting an upside potential of around 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 able to remove 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 pushing the ADA towards $0.700.
However, keep a close eye on the support at $0.613. Any weakness at this level could dampen the ADA’s bullish momentum.”
At the time of writing, ADA is worth $0.614.
As for Ethereum (ETH) rival Fantom (FTM), the trader says the altcoin is currently trading at a key resistance level and that a breakout could trigger a rise of almost 50%.
“Fantom has reached a significant resistance zone. More than 1,430 addresses contain 657.60 million FTM [$0.44] and $0.46.
For a bullish jump, FTM needs to decisively break this area. If successful, we could see a 45% rally, with a target of $0.65.”
At the time of writing, FTM is trading at $0.42.
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Generated image: Midjourney
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