A cryptocurrency strategist who follows closely believes that payments altcoin XRP is poised to witness much higher prices after breaking out of a nearly seven-year holding pattern.
Analyst Ali Martinez told his 96,200 followers on social media platform
Martinez said XRP could climb much higher after breaking the diagonal resistance that has kept the market weak since January 2018, relying on Fibonacci extension levels that traders use to find potential exit points.
“To some, XRP appears overbought! To me, it seems undervalued after breaking out of this huge multi-year symmetrical triangle.
Conservative target = $8.40
Optimistic target = $48.12.”
Zooming in, traders are seeing XRP printing three consecutive bullish continuation patterns, indicating the altcoin is showing tremendous strength.
“XRP: 3rd consecutive bull pennant! We should all buy the dip and pray for a retest of $2.25 to target $4.40!”
As of this writing, XRP is trading at $2.25, down more than 2% in the past day.
Martinez is also paying attention to the meme token PEPE. Crypto whales amassed massive PEPE stacks over the weekend, according to analysts.
“Whales increased PEPE holdings by $1.14 billion (as of December 8)!”
As of this writing, PEPE is worth $0.0000263, up almost 2% over the past day.
Traders are turning to Ethereum (ETH), which they believe is poised to hit new all-time highs as long as the major altcoin remains above its immediate support levels.
Martinez determines support and resistance levels for ETH using the IOMAP (In/Out of the Money Around Price) indicator, which classifies cryptocurrency addresses as profiting, breakeven, or losing money.
“There is nothing stopping Ethereum ETH from reaching new all-time highs. The only decent resistance area ahead is around $4,540. However, as long as the $3,560 demand zone holds, odds are good for the bulls!”
As of this writing, ETH is trading at $3,753.
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