One of the world’s most respected crypto analysts says one of top-10 altcoins is creating one bullish market structure for digital assets.
Ali Martinez, a crypto trader on social media platform X, told his 108,000 subscribers that the altcoin XRP for payments is forming a pennant-shaped pattern.
Bull pennant patterns are continuation patterns where consolidation often leads to a breakout.
After the recent retest, XRP is one of the bullish crypto setups right now.
Crypto whales have been buying huge amounts of XRP, he says, and the value of XRP could soar up to $10.
The data on the blockchain shows that whales are heavily accumulating XRP. They’ve bought over 1,10 billion XRP in the past week. The buying pressure continues to grow. XRP broke out of a traditional bullish pattern, the bull pennant. If this buying pressure persists, it may help push XRP up to $10 .”
At the time of this writing, XRP has traded at $3.15. This is up 18.2% over the past 24 hours.
The analyst believes that the layer-2 scaling solution Polygon for Ethereum (ETH), called MATIC, is preparing to make a big move either way as it consolidates in a descending triangular shape.
“Polygon’s about to make a move of 40%!” We must wait until the price closes outside the range of $0.47-$0.41 to know the direction in which the breakout .” will take place.
MATIC, at the time this article was written, is currently trading for $0.48. This represents an increase of 7.1% over the past 24 hours.
He suggests that Ethena, an Ethereum-based synthetic dollar protocol, avoided a major correction by surging and reclaiming a crucial support level in a range of trading with a $1.03 upper limit and a $0.85 lower limit.
“Ethena seems to have broken through a parallel channel!” If $0.86 is not reclaimed as support, a correction in price could occur towards $0.69 or even $0.57 .”
Ethena currently trades for $0.94, an increase of 14.1% over the past 24 hours.
He suggests that the layer-1 protocol Algorand is in a positive trend now after it broke out from the upper trendline on a triangle symmetrical pattern.
The price can be either bullish or negative if it breaks above the upper trendline. It will also turn bearish when the price falls below the lower trendline.
ALGO could be poised to break out at 60%! The direction of trend will be determined by a decisive close that is outside the range $0.39-$0.32. .”
ALGO was trading at $0.44 when this article was written, up by 20.3% over the past 24 hours.
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The post, Analyst Says Top-10 Altcoins Have a Massively Bullish Setup and Maps a Path Forward for Polygon Ethena And Algorand, may change as new information becomes available.
