After correctly forecasting bitcoin’s 2018 bear market bottom over $3,000, a leading cryptocurrency strategist predicts Ethereum ($ETH), Fantom ($FTM), and The Graph ($GRT) will rise soon.
In a series of tweets shared with his over 200,000 Twitter followers, pseudonymous analyst Smart Contracter disclosed that Ethereum rival Fantom, an open-source smart contract platform that competes with ETH, had broken through a downturn against USD and BTC.
Elliott Wave theory, created by Ralph Nelson Elliott in the 1920s, is used by Smart Contracter to predict prices.
Mass psychology underlies these fractal wave patterns. Five waves in the direction of a market trend—bullish or bearish—and three corrective waves make up the Elliott Wave theory. According to theory, asset prices can be forecast by repeating these patterns. Elliott forecasted the 1935 stock market bottom following a 13-month downturn, popularizing the notion.
The analyst called Ethereum “hella bullish now” and a “absolute solid buy back heading into the close.” Ethereum has surged 9.6% in the past week to trade beyond $1,700.
According to Daily Hodl, the analyst saw a “clean ABC” pattern on The Graph ($GRTweekly )’s chart after a 5-wave climb.
GRT’s market valuation surpassed $1 billion earlier this year as the token’s price soared, according to CryptoGlobe. After a survey showed GRT’s query fee revenue was rising due to adoption rates, it rose. The Graph “indexes and accesses blockchain data,” according to Coinbase. It indexes Ethereum blockchain records like Google indexes the web.
Being a global data layer on blockchains and storage networks, the protocol unites and organizes the decentralization movement. The Graph organizes data and makes it accessible from the blockchain, integrating decentralized apps. $GRT, the Graph’s native cryptocurrency, is an Ethereum ERC20 token. It allocates network resources and lets participants stake and use GRT to maintain economic stability and data accuracy.
Depending on GRT ownership, active indexers, curators, and delegators can earn cash from the network. The protocol hosts Web3 and decentralized finance applications with over 2,900 subgraphs since July 2018.