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Home»ALTCOIN NEWS»The trader predicted that the Ethereum-based altcoin could explode by more than 2,400% and updated his Bitcoin outlook.
ALTCOIN NEWS

The trader predicted that the Ethereum-based altcoin could explode by more than 2,400% and updated his Bitcoin outlook.

By Crypto FlexsDecember 31, 20243 Mins Read
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The trader predicted that the Ethereum-based altcoin could explode by more than 2,400% and updated his Bitcoin outlook.
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Chart patterns suggest that the Ethereum (ETH) layer 2 scaling solution altcoin could skyrocket by 2,400%, according to a prominent cryptocurrency analyst.

Trader Ali Martinez told his 105,800 followers on social media platform X that Polygon (MATIC) has been building a multi-year descending triangle starting in 2021.

“This pattern shows a push towards lower highs towards strong horizontal support at $0.285, a classic setup for a potential breakout. We could see a big move if Polygon closes above the descending resistance level of $0.69. Based on the triangle structure, a breakout could be targeted at $12. Of course, it all depends on the price closing above the resistance line.”

MATIC is trading at $0.453 at the time of this writing. The 127th-largest cryptocurrency asset by market capitalization has fallen nearly 5% in the past 24 hours.

On the Bitcoin (BTC) side, Martinez notes that the top cryptocurrency asset has seen a surge in taker buy/sell ratios on OKX.

“This signals a surge in aggressive buying and signals upward momentum to come!”

Source: Ali Martinez/X

The taker buy/sell ratio is the ratio between long and short volumes in the derivatives market.

Martinez also noted that Bitcoin “faces strong resistance” between $95,090 and $99,800. This means that 2.4 million wallets purchased over 2.28 million BTC.

Source: Ali Martinez/X

BTC is trading at $91,628 at the time of this writing and is down nearly 2% over the past day.

The analyst also updates his outlook for the top meme asset, Dogecoin (DOGE).

“If you like fractals, you’ll love Dogecoin. Next up is $4 to $23!”

Source: Ali Martinez/X

DOGE is trading at $0.31 at the time of this writing. The 7th largest cryptocurrency by market capitalization fell more than 2.5% over the past day.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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