Cryptocurrency analyst and trader Ali Martinez says a leading Ethereum (ETH)-based decentralized exchange is poised for a significant upward move.
Martinez tells According to its 33,200 followers on social media platform
A descending triangle is usually considered a bearish continuation pattern.
According to Martinez, if Uniswap pushes a “sustained close” above the $5.70 price, UNI could rise to $10, a gain of about 62% from the current price.
Uniswap is trading at $6.18 at the time of writing.
As for Polygon (MATIC), Martinez say that the Ethereum scaling solution could witness a sell-off if it fails to break above a crucial price level.
“MATIC has fallen below a crucial supply zone, reaching a range of $0.84 to $0.86. In this range, 14,240 addresses contain more than 4.13 billion MATIC.
The longer the Polygon price remains below this zone, the more likely these holders are to sell to avoid significant losses.”
MATIC is trading at $0.772 at the time of writing, well below Martinez’s range.
Next up is the blockchain oracle Chainlink (LINK). The crypto analyst and trader say that Chainlink could regain and surpass its 2023 high of $16.62.
“Chainlink is in a key demand zone, ranging between $13.80 and $14.20. Here, 11,470 wallets contain a significant 23.5 million LINK.
With minimal resistance ahead and solid support below, staying above this zone could pave the way for LINK to climb to new yearly highs.”
Chainlink is trading at $14.34 at the time of writing.
Regarding XRP, Martinez say that the fifth-largest crypto asset by market cap could rise between $0.65 and $0.66 as it looks to break out from the center of a descending parallel channel.
In technical analysis, descending parallel channels are typically considered bearish, but an asset can still rise to the top of the structure’s range, as Martinez’s chart suggests.
XRP is trading at $0.612 at the time of writing.
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Featured image: Shutterstock/Giovanni Cancemi/Natalia Siiatovskaia
