- Crypto trader Bluntz predicts a rally for the 53rd-largest altcoin Fantom (FTM), using the Elliot Wave theory to interpret potential market movements.
- Bluntz suggests a possible price drop for Ethereum (ETH), while Litecoin (LTC) appears to be on track for an upward trend.
Fantom (FTM) Poised for Rally, Says Top Crypto Analyst
Renowned crypto trader Bluntz recently shared his bullish perspective on the top-100 altcoin, Fantom (FTM). He also updated his predictions for Ethereum (ETH) and Litecoin (LTC), providing some critical insight for his Twitter following of over 223,600 crypto enthusiasts.
Bluntz believes that Fantom, presently ranked as the 53rd-largest by market cap, stands on the brink of a significant rally. The trader leans on the Elliot Wave theory, a tool for technical analysis, to substantiate his prediction. According to this theory, a market follows a rhythmic pattern where a three-wave correction is typically followed by a five-wave main upward trend. Bluntz interprets Fantom’s recent price movements as completing a three-wave correction around a crucial Fibonacci retracement level, signaling a resumption of its upward trajectory.
“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.”
Bluntz said. As of the time of writing, Fantom’s price stands at $0.282.
Analyst’s Take on Ethereum and Litecoin
Turning his gaze to Ethereum, Bluntz’s forecast is somewhat bearish. He sees the low timeframes as indicative of a potentially grim future for the second-largest cryptocurrency, with a possibility of prices plummeting below $1,790. Ethereum’s trading price at the time of writing is $1,885.
As for Litecoin, the 11th-largest crypto asset by market cap, Bluntz’s analysis points towards a potential upward trend. His charts suggest Litecoin has completed a three-wave corrective pattern at a key Fibonacci retracement level, potentially gearing up for a rally beyond $102. Litecoin is presently trading at $99.82.
These predictions from the seasoned analyst provide valuable insights into potential market movements and trends, aiding investors in making informed decisions in the dynamic crypto landscape.