Trader Scott Melker has identified four altcoins, which, in his opinion, have emerged from the downtrend and will significantly increase their value in the near future. The analyst argues that a sharp rise can be expected from FTX Token, Polygon and Fantom.
FTX Token
Melker believes FTX Token interrupted a local downtrend after the coin’s value successfully bounced off a key support level around $ 48. The coin’s reaching the $ 55 mark confirms the return of the token to growth, the trader added.
The first target within the framework of the incipient upward trend for FTX Token is at the level of $ 63 (an increase of 15% from the current levels), Melker is sure. When it is reached, the prospect of renewing the historical maximum at around $ 85 opens (an increase of 55%).
On October 4, FTX Token is trading at $ 55.4. Over the past month, the cryptocurrency has fallen in price by 12%, and its capitalization has dropped to $ 6.6 billion, according to CoinGecko.
FTX Token (FTT) is the internal token of the FTX cryptocurrency derivatives exchange.
A part of the commission charged by the trading platform for making transactions is distributed between the token holders.
Polygon
On the chart of the Polygon token, the end of the downtrend is also observed, the analyst said. In his opinion, altcoin will begin to recover its positions in the near future. The first major resistance level for Polygon is around $ 1.7 (up 34% from current levels), Melker explained.
On October 4th, Polygon price is $ 1.27. Over the month, the token has fallen in price by 13%, and its capitalization has decreased to $ 8.4 billion.
Polygon is an Ethereum-compatible second level sidechain powered by PoS (Proof-of-Stake) algorithm.
This network is faster and with lower fees than the main Ethereum network.
Fantom
The Fantom token has already overcome the important resistance at $ 1.25, which will allow it to begin recovery in the near future, Melker is sure. In support of this, the analyst noted that Fantom has already tested the $ 1.25 level as support.
According to the trader, in the near future, Fantom is expected to rise to $ 1.94 (up 37% from current levels), since the first important resistance is located in this zone.
On October 4, the Fantom token is trading at $ 1.4. Over the past four weeks, the cryptocurrency has risen in price by 47%, and its capitalization has increased to $ 3.6 billion.
Fantom is a blockchain, the main task of which is to solve the scalability problem of existing platforms based on distributed ledgers.
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