Cryptocurrency analyst and trader Ali Martinez is cautiously bullish on Ethereum-based altcoins.
Martinez told his 70,300 followers on social media platform X that the native token for Ethereum (ETH) scaling solution Polygon (POL) is forming a descending triangle pattern on its weekly chart.
A descending triangle pattern is generally considered a bearish signal.
According to Martinez, POL could rally up to 155% from current levels if the support area near $0.34 holds.
At the time of writing, POL is trading at $0.369.
If Polygon fails the $0.34 support level, Martinez says:
“However, if it breaks, it can be corrected to $0.19.”
Next up is Bitcoin (BTC). Martinez says the Tom DeMarc (TD) Sequential Indicator, a technical analysis tool that identifies potential trend reversals, has turned bearish earlier this year. According to the analyst, Bitcoin needs to hold the $51,000 support level or it risks crashing to $40,600.
As of this writing, Bitcoin is trading at $56,718.
On switching to Solana (SOL), Martinez says:
“The TD Sequential indicator is flashing a buy signal on the Solana daily chart, suggesting that 1-4 daily candlesticks are likely to bounce.”
Next up is the native token of The Open Network Layer 1 blockchain, Toncoin (TON). According to Martinez, Toncoin needs to recover the support level around $4.70 to avoid a double-digit crash.
“If TON fails to do so, it could fall 45% to $2.60.”
At the time of writing, TON is trading at $4.67.
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