Cryptocurrency analyst Ali Martinez evaluated the altcoins Cardano (ADA), Ethereum (ETH) and Fantom (FTM) in his latest statement.
According to the analyst, Cardano forms a descending triangle formation on small time frames. Martinez argues that if there is a close above $0.638, this could be a bullish signal and send the ADA price on its way towards $0.7.
However, the analyst says that attention should be paid to the support at $0.613 for ADA price. According to the analyst, a weakness that can be seen here could reduce the bull momentum of ADA.
ADA price is trading at $0.6144 at the time of writing this article.
Additionally, speaking about Ethereum, the analyst argues that some major Ethereum whales have switched to buying mode and accumulated more than 100,000 ETH over the past week. The dollar equivalent of this amount is approximately 230 million dollars.
Finally, speaking about Fantom, one of the popular decentralized finance cryptocurrencies of the period, the analyst said that FTM has entered a major resistance zone. According to the analyst, 1,430 cryptocurrency addresses accumulated 657.60 million FTM tokens between $0.44 and $0.46. FTM price is trading at $0.4228 at the time of writing this article.
Ali Martinez claims that the FTM altcoin must definitely cross the area in question for a bullish bounce to occur. According to the analyst, if this area is successfully surpassed, a rally towards $0.65 may occur.
*This is not investment advice.