A closely watched crypto analyst says one top-10 altcoin makes up one of the most bullish digital asset market structures.
In a new strategy session, crypto trader Ali Martinez tells His 108,000 followers on social media platform X indicate that altcoin XRP payments are forming a bull pennant pattern.
A bull pennant pattern is a continuation pattern where a period of consolidation is often followed by a breakout.
“XRP currently has one of the most bullish setups in crypto after the recent breakout zone retest!”
He too say XRP could rise to $10, an increase of over 217% from its current value, as crypto whales buy massive amounts of the token.
“XRP is in the midst of a massive bullish breakout… On-chain data shows that whales have been heavily accumulating XRP. In the past week alone, they have purchased over 1.10 billion XRP. This buying pressure is building momentum. XRP has broken the bull pennant, a classic bullish pattern. If buying pressure continues, it could help XRP rise to $10.”
XRP is trading at $3.15 at the time of writing, up 18.2% in the last 24 hours.
Then the analyst say that Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is gearing up for a huge move in both directions as it consolidates within a descending triangle.
“Polygon is on the verge of a 40% move! All we have to do is wait for a sustained close outside the $0.47 to $0.41 range to determine the direction of the breakout.”
MATIC is trading at $0.48 at the time of writing, up 7.1% in the last 24 hours.
Then he suggests Ethena (ENA), a synthetic dollar protocol built on Ethereum, may have avoided a serious correction after recovering a key support level within a trading range with $1.03 as the upper bound and $0.85 as the lower bound.
“Ethena seems to have broken out of a parallel channel! Failure to recover $0.86 as support could lead to a price correction towards $0.69 or $0.57.”
Ethena is trading at $0.94 at the time of writing, up 14.1% in the last 24 hours.
Finally him suggests layer-1 protocol Algorand (ALGO) is now in a bullish trend after breaking the upper trendline of a symmetrical triangle on the four-hour chart.
Symmetrical triangle patterns can be bullish or bearish: bullish if the price breaks above the upper trendline and bearish if the price breaks below the lower trendline.
“ALGO is ready for a potential 60% breakout! A decisive close outside the $0.39-$0.32 range will determine the direction of the trend.”
ALGO is trading at $0.44 at the time of writing down 20.3% in the last 24 hours.
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Generated image: Midjourney