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!”
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.
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!”
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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