Trader Scott Melker singled out altcoins that have emerged from a downward movement and could begin a recovery in the near term
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Trader Scott Melker has highlighted four altcoins that, in his opinion, have come out of a downtrend and will significantly increase their value in the near future.
The analyst says that FTX Token, Polygon and Fantom should be expected to see sharp growth.
Melker believes FTX Token interrupted its local downtrend after the coin’s value successfully pushed off a key support level, which is around $48. The coin’s reaching the $55 mark confirms the token’s return to growth, the trader added.
The first target within the framework of the initial uptrend for FTX Token is at $63 (up 15% from current levels), Melker believes. If it is reached, there is the prospect of a renewal of the historical high at around $85 (up 55%).
On Oct. 4, FTX Token is trading at $55.4. The cryptocurrency has fallen 12% in the last month and its capitalization has dropped to $6.6 billion, according to CoinGecko.
FTX Token (FTT) is an internal token of the cryptocurrency derivatives exchange FTX. A portion of the commission the trading platform charges for transactions is distributed among token holders.
The Polygon token chart also shows the end of the downtrend, according to the analyst. In his opinion, the altcoin will start to recover its positions in the near future. The first important resistance level for Polygon is around $1.7 (up 34% from current levels), Melker explained.
On October 4, Polygon’s price is $1.27. During the month, the token has fallen 13% in price and its capitalization has dropped to $8.4 billion.
Polygon is an Ethereum-compatible second-tier sidechain running on the PoS (Proof-of-Stake) algorithm. This network works faster and with lower commissions than the main Ethereum network.
As confirmation, the analyst noted that Fantom has already tested the $1.25 level as support.
The Fantom token has already overcome important resistance at $1.25, which will allow it to begin a recovery in the near term, Melker believes. According to the trader, in the nearest future we should expect growth of Fantom to $1.94 (37% growth from the current levels) because the first important resistance is located in this zone.
On October 4, Fantom token is trading at $1.4. Over the past four weeks, the cryptocurrency has risen 47% and its capitalization has increased to $3.6 billion.
Fantom is a blockchain whose main goal is to solve the scalability problem of existing platforms based on distributed registries.