Cryptocurrency analyst and trader Ali Martinez has shared bullish sentiments on two prominent altcoins, Fantom (FTM) and Polygon (MATIC), based on their recent price actions.
Fantom (FTM), a smart contract-enabled blockchain platform, is generating significant interest among crypto enthusiasts and traders. Ali Martinez, a well-followed cryptocurrency analyst, has expressed optimism regarding FTM’s potential to surge in value. With 36,800 followers on the X social media platform, Martinez’s insights carry weight in the cryptocurrency community.
Martinez highlights a pivotal moment for FTM, noting that its ability to overcome and sustain a critical resistance level is a significant bullish indicator. Currently trading at $0.482, FTM has shown impressive growth, surging by over 60% in the past 30 days.
The key resistance level in question is set at $0.47. Martinez asserts that as long as FTM remains above this crucial threshold, investors should prepare for a strong rally. He predicts a potential price increase of approximately 35% for FTM, with a target price of around $0.65.
Investor profitability for FTM
To further support his bullish stance on FTM, Martinez refers to data from the blockchain analytics platform IntoTheBlock. According to the data, a remarkable 99.21% of investors and traders who acquired FTM between the price range of $0.399 and $0.542 are currently in profit. Conversely, only 0.76% of investors find themselves underwater with their FTM holdings.
These statistics illustrate the positive sentiment surrounding FTM and the potential for continued growth. As the cryptocurrency market continues to evolve, FTM’s performance remains one to watch closely.
Polygon (MATIC) faces uphill battle
Shifting his focus to Polygon (MATIC), Martinez acknowledges that this Ethereum scaling solution faces a formidable challenge in the form of a substantial resistance zone. He notes that Polygon is currently encountering strong selling pressure in a range between $0.79 and $0.84.
Within this price range, approximately 39,000 addresses collectively hold over 4.24 billion MATIC tokens. Martinez emphasises the importance of Polygon decisively breaking through this resistance level for the cryptocurrency to embark on an upward trajectory.
