Top Analyst Says One Mid-Cap Altcoin on Cusp of Skyrocketing Higher, Updates Outlook on Ethereum and Litecoin

By The Daily Hodl - 11 months ago - Reading Time: 2 minutes

Top Analyst Says One Mid-Cap Altcoin on Cusp of Skyrocketing Higher, Updates Outlook on Ethereum and Litecoin

A widely followed crypto trader is expressing bullish sentiment on one top-100 altcoin while updating his outlook on Ethereum (ETH) and Litecoin (LTC).

Pseudonymous analyst Bluntz tells his 223,600 Twitter followers that Fantom (FTM), which is currently ranked 53rd-largest by market cap, is on the cusp of a rally.

Bluntz, who uses the Elliot Wave theory as one of his technical analysis tools, says Fantom appears to have completed a three-wave corrective pattern downwards around a key Fibonacci retracement level and is about to resume the main upward trend. According to the Elliot Wave theory, a correction occurs in a three-wave pattern while the main trend occurs 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.”

Source: Bluntz/Twitter

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.”

Source: Bluntz/Twitter

Ethereum is trading at $1,885 at time of writing.

Turning to Litecoin, Bluntz appears to suggest on a chart that the 11th-largest crypto asset by market cap has completed a three-wave corrective pattern at a key Fibonacci retracement level and is on course to rally beyond $102.

Source: Bluntz/Twitter

Litecoin is trading for $99.82 at time of writing.

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Original source: The Daily Hodl