One closely watched cryptocurrency analyst says one of the top 10 altcoins is forming one of the most bullish digital asset market structures.
In a new strategy session, cryptocurrency trader Ali Martinez told his 108,000 followers on social media platform X that altcoin XRP payments are forming a bull pennant pattern.
The bull pennant pattern is a continuation pattern in which a period of sideways movement is often followed by a breakout.
“XRP currently has one of the most bullish setups in the cryptocurrency industry after its recent breakout retest!”
He also said that XRP could surge to $10, an increase of more than 217% from its current value, as cryptocurrency whales purchase huge quantities of the token.
“XRP is seeing a massive uptrend… On-chain data shows that whales have been accumulating massive amounts of XRP. Over 1.1 billion XRP were purchased last week alone. This buying pressure is building momentum. XRP broke out of its typical bullish pattern, the bull pennant. “If buying pressure continues, it could help push XRP towards $10.”
XRP is trading at $3.15 at the time of writing and is up 18.2% in the last 24 hours.
Next, the analyst says Ethereum (ETH) layer 2 scaling solution Polygon (MATIC) is preparing 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 the $0.47-$0.41 range to determine the direction of the breakout.”
MATIC is trading at $0.48 at the time of writing, up 7.1% in the last 24 hours.
Next, he suggests that Ethena (ENA), a synthetic dollar protocol built on top of Ethereum, may have avoided a serious correction after surging to regain key support levels within a trading range with an upper limit of $1.03 and a lower limit of $0.85. .
“It appears that Ethena has escaped from a parallel channel! Failure to recover $0.86 as support could trigger a price correction to $0.69 or $0.57.”
Ethena is trading at $0.94 at the time of this writing, up 14.1% in the last 24 hours.
Finally, he suggests that layer-1 protocol Algorand (ALGO) is currently in a bullish trend after breaking out of the upper trendline of a symmetrical triangle on the 4-hours chart.
Symmetrical triangle patterns can be bullish or bearish. That is, if the price breaks above the upper trend line, it is bullish, and if the price falls below the lower trend line, it is bearish.
“ALGO is poised for a potential 60% breakout! A decisive close outside the $0.39-$0.32 range will determine the direction of the trend.”
ALGO is trading at $0.44, up 20.3% over the last 24 hours.
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