Cryptocurrency analyst and trader Ali Martinez is leaning cautiously optimistic about an Ethereum-based altcoin.
Martinez tells Its 70,300 followers on the social media platform
A descending triangle pattern is generally considered a bearish signal.
According to Martinez, POL could rise 155% from current levels if the support area around the $0.34 price holds.
POL is trading at $0.369 at the time of writing.
If Polygon’s $0.34 support level fails, Martinez says:
“However, if the price breaks down, a correction to $0.19 is possible.”
The next step is Bitcoin (BTC). Martinez say that earlier this year the Tom DeMark (TD) Sequential indicator, a tool used in technical analysis to identify potential trend reversals, turned bearish. According to the analyst, Bitcoin must maintain the support level at $51,000, otherwise it risks falling to $40,600.
Bitcoin is trading at $56,718 at the time of writing.
As for Solana (SOL), Martinez say,
“The TD Sequential indicator has given a buy signal on the Solana daily chart, indicating a potential recovery from one to four daily candlesticks.”
Next up is the native token of The Open Network layer-1 blockchain Toncoin (TON). According to According to Martinez, Toncoin needs to regain the support level around $4.70 to avoid a double-digit crash.
“If TON does not do this, a 45% correction to $2.60 could be likely.”
TON is trading at $4.67 at the time of writing.
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Generated image: Dalle3
