A closely watched cryptocurrency strategist said XRP and additional altcoins are showing signs of strength that could lead to an uptrend.
Ali Martinez, a pseudonymous analyst, told his 47,900 followers on social media platform X that XRP looks bullish based on the Tom DeMark (TD) Sequential indicator.
The TD Sequential Indicator is commonly used to identify trend direction and potential price reversals.
Martinez says:
“The TD Sequential indicator has issued a buy signal on the XRP weekly chart, indicating potential bullish momentum. If XRP manages a sustained weekly close above $0.57, this could be the catalyst for it to move above $0.63 and reach $0.65.”
As of this writing, XRP is worth $0.55.
Another altcoin sending bullish signals based on the TD Sequential indicator is Solana (SOL), a rival to Ethereum (ETH), according to Martinez.
“The TD Sequential indicator presents a buy signal on the Solana daily chart, suggesting a potential uptrend over 1 to 4 daily candles for SOL.”
As of this writing, SOL is valued at $110.58, up more than 7% in the past day.
As for Bitcoin (BTC), Martinez says the cryptocurrency king could be on his way to rising above $60,000 after breaking out of a bullish megaphone pattern.
“Bitcoin shows a megaphone pattern on the daily chart. If BTC maintains positions above $50,000, a sustained close above $53,000 could be the catalyst for an advance towards $60,520!”
As of this writing, Bitcoin is trading at $56,359, up more than 9% in the past day.
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