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Home»ALTCOIN NEWS»Trader Predicts Under-the-Radar Altcoin Breakout Rally and Says Cardano (ADA) Uptrend Looks Healthy.
ALTCOIN NEWS

Trader Predicts Under-the-Radar Altcoin Breakout Rally and Says Cardano (ADA) Uptrend Looks Healthy.

By Crypto FlexsMarch 6, 20242 Mins Read
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Trader Predicts Under-the-Radar Altcoin Breakout Rally and Says Cardano (ADA) Uptrend Looks Healthy.
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Crypto analyst and trader Ali Martinez predicts that decentralized exchange (DEX) altcoins will soon see a breakthrough.

Martinez says 49,400 followers on social media platform

“GMX is forming a (reverse) head and shoulders pattern on the daily chart. A sustained daily candlestick close above $60 could trigger a 48.50% bullish breakout sending GMX to $90!”

Source: Martinez/X

GMX is trading at $56.13 at the time of this writing, down nearly 5% in the last 24 hours.

Next is the merchant proposal Smart contract protocol Cardano (ADA) has more upside potential.

“Cardano’s upward trend looks healthy! Daily active ADA addresses, transaction volume, and ADA whale transactions are increasing noticeably. “This increase in activity signals strong network engagement and investor interest and is a positive indicator of continued growth.”

video
Source: Martinez/X

Cardano is trading at $0.77 at the time of writing, up more than 6% in the last 24 hours.

Finally, the merchant warn If Bitcoin (BTC) falls below $61,000, it could fall to $51,500. To identify key support levels, he uses Bitcoin’s URPD or UTXO (Unused Transaction Output) realized price distribution. This tracks the number of existing coins that last moved within a given price range.

“More than 500,000 BTC were traded in the $61,100-$61,800 range, creating a significant support zone. If Bitcoin holds above this threshold, it is poised to rise to $65,900, given that future resistance is minimal. Conversely, if BTC falls below support, a correction could push it down to $56,970 or even $51,500.”

video
Source: Martinez/X

Bitcoin is trading at $67,481 at the time of writing, up more than 7% in the last 24 hours.

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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 that you are responsible for any losses that may occur. 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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