Analyst: This Ethereum rival will perform well in 2024

Popular but pseudonymous analyst Altcoin Sherpa predicts that Fantom (FTM), a project that competes with Ethereum, could rise an impressive 15 percent in the near future. “Fantom is a very solid project that should do well in 2024,” said Altcoin Sherpa.

$FTM: I think this is still a very solid coin and should do well in 2024 given their treasury. That said, would like to see consolidation for a longer term bottom forming. Expecting that level to be $.83 or $.70. Still bullish and I have a bag. pic.twitter.com/BgA1a1Pm3u

— Altcoin Sherpa (@AltcoinSherpa) April 8, 2024

Bullish over Fantom

Based on the chart below, Altcoin Sherpa initially seems to predict a correction to the $0.80 level. The coin should then rise to $1.15 in a massive rally.

Fantom is currently trading at $0.977 and is up 0.67 percent over the past 24 hours.

Over the past week, the project is doing fantastic with an increase of 18.62 percent. This means it scores better than most other projects in CoinMarketCap’s top 100.

By the way, Altcoin Sherpa is not only bullish about Fantom, he also sees a golden future for Ethena.

Ethena ready for a rise?

Ethena (ENA) is the next project that Altcoin Sherpa sheds light on. This is a so-called governance token, which was launched by Ethena Labs for the DeFi protocol of their project.

Altcoin Sherpa sees the coin breaking out after a period of consolidation at the $1.24 level. “My first reaction to ENA. I think we are going to consolidate and then move up,” he said writes the analyst.

Ethena is currently trading at $1.44, up an impressive 46 percent in one week. The project also scored well over the past 24 hours with an increase of 4 percent.

It seems like Altcoin Sherpa is generally bullish on the market because usually Bitcoin also needs to rise to pull altcoins up.

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