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The Daily Hodl

03/18/2024

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Analyst Predicts Over 80% Rally for Under-the-Radar Ethereum Rival, Updates Forecast on Cardano and Polygon - The Daily Hodl

A widely followed crypto analyst is predicting a massive rally for one Ethereum (ETH) competitor while updating his forecasts on Cardano (ADA) and Polygon (MATIC). Crypto strategist Ali Martinez tells his...

Analyst Predicts Over 80% Rally for Under-the-Radar Ethereum Rival, Updates Forecast on Cardano and Polygon - The Daily Hodl

A widely followed crypto analyst is predicting a massive rally for one Ethereum (ETH) competitor while updating his forecasts on Cardano (ADA) and Polygon (MATIC).

Crypto strategist Ali Martinez tells his 53,500 followers on the social media platform X that he envisions layer-1 blockchain Fantom (FTM) to surge to a price tag of $1.44, a gain of over 80% from its current price.

Near the end of February, Martinez had correctly predicted that FTM would surge to around the $0.87 mark. FTM is trading for $0.873 at time of writing, a 4.5% increase on the day. On February 28th, FTM was trading for $0.464.

Moving on to Cardano, another rival of Ethereum, Martinez says that should it continue its trajectory, which is mirroring the same pattern it displayed between 2018 and 2021, it could eventually skyrocket to $1.40 before ultimately breaking out to $5.

“So far, Cardano resembles the pattern observed from 2018 to 2021. Should this fractal continue, anticipate ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting the stage for a breakout to $5.”

GIjBRxAXAAE-jGP
Source: Ali Martinez/X

Cardano is trading for $0.678 at time of writing, a fractional increase during the last 24 hours.

Concluding his analysis with Polygon, Martinez notes that the layer-2 scaling solution is being supported by 10,900 addresses between the $1.02 and $1.05 levels.

Should those addresses waver, however, the trader says the next column of support can be found near the $0.91 price tag.

“Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million MATIC.”

GIjBRxAXAAE-jGP
Source: Ali Martinez/X

MATIC is trading for $1.08 at time of writing, a marginal increase during the last day.

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