Guy Turner, the popular host of the Coin Bureau YouTube channel, has shared his positive outlook on Fantom (FTM), a competitor of Ethereum (ETH). With over 2.47 million subscribers, Turner believes that Fantom has significant potential for growth based on his technical analysis.

Analyzing the weekly chart, Turner identifies a peculiar head and shoulders pattern that closely resembles the topping pattern Fantom experienced in late 2021. This pattern indicates the possibility of another upward movement for the cryptocurrency.

According to Turner, Fantom has the potential to surge by approximately 98%, nearly doubling its current price. Taking a broader perspective on the weekly chart, he suggests that FTM could rally up to $1.60 in the short to medium term. However, he expects resistance from bag holders, investors still holding onto their assets from the previous bull market, which may cause the rally to stall.

At the time of writing, Fantom is trading at $0.810.

Turner supports his bullish thesis for Fantom by highlighting its favorable fundamentals. He notes that FTM has a relatively low price tag and a market cap that allows for significant price movement. Additionally, the fact that FTM’s supply has already vested to investors and the team indicates minimal sell pressure. Turner also mentions the Fantom Foundation’s substantial runway, which further supports his positive outlook.

However, Turner acknowledges that Fantom lacks a compelling narrative that retail investors can easily understand and that it needs to improve its retail accessibility. Notably, Fantom is not currently listed on Coinbase, but there is a possibility that this could change if US regulations evolve.

In conclusion, Guy Turner presents a bullish outlook for Fantom, highlighting its technical analysis and favorable fundamentals. While acknowledging the challenges it faces, he believes that Fantom has the potential for significant growth if certain factors align.