A closely followed crypto analyst says that one top-10 altcoin is forming one of the most bullish digital asset market structures around.
In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that payments altcoin XRP is 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 has one of the most bullish setups in crypto right now after the recent retest of the breakout zone!”
He also says XRP may soar to $10, an increase of more than 217% from its current value, as crypto whales are buying massive amounts of the token.
“XRP is in the middle of a massive bullish breakout… On-chain data reveals that whales have been heavily accumulating XRP. In the last week alone, they’ve purchased over 1.10 billion XRP. This buying pressure is building momentum. XRP has broken out of a bull pennant, a classic bullish pattern. If the buying pressure continues, it could help propel XRP to $10.”
XRP is trading for $3.15 at time of writing, up 18.2% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is gearing up for a massive move in either direction 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 of the $0.47 to $0.41 range to determine the direction of the breakout.”
MATIC is trading for $0.48 at time of writing, up 7.1% in the last 24 hours.
Next, he suggests Ethena (ENA), a synthetic dollar protocol built on Ethereum, may have avoided a severe correction after surging to reclaim a key support level within a trading range with $1.03 as the upper bound and $0.85 as the lower bound.
“Ethena appears to have broken out of a parallel channel! Failing to reclaim $0.86 as support could trigger a price correction toward $0.69 or $0.57.”
Ethena is trading for $0.94 at time of writing, up 14.1% in the last 24 hours.
Lastly, he suggests layer-1 protocol Algorand (ALGO) is now in a bullish trend after breaking out of the upper trendline of a symmetrical triangle on the four-hour chart.
Symmetrical triangle patterns can either be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks down below the lower trend line.
“ALGO is poised for a potential 60% breakout! A decisive close outside the $0.39-$0.32 range will set the direction of the trend.”
ALGO is trading for $0.44 at time of writing up 20.3% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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