Ali Martinez, an analyst at Investopedia, reveals his view on Cardano.
Martinez told his 125.200 social media followers that Onyxcoin, the utility token for layer-3 Onyx blockchain, is consolidating into a descending triangular pattern, and “potentially gearing itself up for the second leg up.”
Technically, the triangle can be bullish when the asset price breaks above the trendline.
XCN has reached a price of $0.0247, an increase of 920% over the low point of $0.00242 on January 16.
Cardano is next. Martinez claims that ADA’s current pattern is a reflection of a previous rally that resulted to a 2,600% increase.
According to the chart of the trader, it seems he is suggesting Cardano’s price could rise up to $15. This would represent a gain of 1,820% over the current value.
At the time of this writing, ADA was trading at $0.781.
The crypto analyst, when referring to Bitcoin (BTC), says the digital currency’s flagship is currently facing stiff opposition at $97.350. Martinez says that Bitcoin could face a sharp fall if the price corrects around $92,110.
“…support is low below $92,110, due to the gap between $90,000.00 and $70,000.00.”
Bitcoin currently trades at $96,155 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post This Post Analyst Says Altcoin that’s Exploded by 920% In One Month is Gearing up for another Leg Up and Updates on Cardano Outlook may be updated as new information becomes available.
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