A million-subscribed Youtube analyst says one of its strong Ethereum rivals will quickly rebound despite the recent crash. The related altcoin Fantom (FTM) lost double-digit value after the well-known DeFi developer Andre Cronje announced that he would leave the industry, as we quoted as Kriptokoin.com. According to the analyst, FTM still has “a lot of room to go up”…
“There is still a lot of fuel in the tank”
A popular crypto analyst believes that the fundamentals of a mid-range Ethereum competitor have been undermined despite the project’s recent price drop. He says he’s healthy. The YouTube channel Coin Bureau’s moniker “Guy” has 1.98 million YouTube subscribers, despite a price drop to coincide with the departure of famous decentralized finance (DeFi) developer Andre Cronje from the project, that Phantom (FTM) is still “still “There’s too much fuel left,” he said. According to the analyst, Fantom’s on-chain fundamentals could be strong enough to help the altcoin price maintain a long-term support level. Guy advises investors not to panic sell due to positive news from Phantom:
During the video, ATH has dropped almost 3x from level and I see a nasty double top pattern on long-term price charts. If this pattern breaks down, you don’t want to know where the target is, believe me. Before you panic, take time to consider the fact that the fundamentals of Phantom still seem extremely strong. For starters, all FTMs allocated to the team and early investors finished qualifying in late 2020, and the chances are that they have already sold a substantial amount of that FTM. This is good because it means there will be less FTM for them to sell in the future and therefore less price pressure which they might cause.
Guy also adds that Fantom adoption and use continues to be on the uptrend:
Fantom has over 2.5 million unique wallet addresses. And that trend doesn’t seem to be slowing down. An even more important on-chain metric is the number of daily transactions, which has dropped slightly but still remains in a strong long-term uptrend. In terms of total value locked (TVL), Phantom has seen some slowdown on that side as well, but is also in a long-term uptrend.
These factors could push the altcoin price back up
Another reason for the rise, according to the analyst, is that FTM will become available to more users and investors in the near future. The analyst bases his bullish comments on a number of factors:
FTM’s recent listing on Binance US indicates that it may be listed on other US exchanges, resulting in even more investment.
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