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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.
Generated Image: Midjourney