Crypto analyst and trader Ali Martinez said the leading Ethereum (ETH)-based decentralized exchange could see a significant upside.
Martinez says 33,200 followers on social media platform
Descending triangles are generally considered a bearish continuation pattern.
According to Martinez, if Uniswap prints a “sustainable close” above the $5.70 price, UNI could soar to $10, up about 62% from its current price.
Uniswap is trading at $6.18 at the time of this writing.
Convert to Polygon (MATIC), Martinez Called If Ethereum scaling solutions fail to cross a critical price level, we could witness a sell-off.
“MATIC fell below the important supply zone of $0.84 to $0.86. In this range, 14,240 addresses hold over 4.13 billion MATIC.
“The longer Polygon price stays below this area, the more likely it is that these holders will start selling to avoid significant losses.”
MATIC is trading at $0.772 at the time of this writing, well below Martinez’s supply zone.
Next is the blockchain oracle Chainlink (LINK). Cryptocurrency analyst and trader Called Chainlink could revisit and surpass its 2023 high of $16.62.
“Chainlink is in a key demand area between $13.80 and $14.20. Here, 23.5 million LINKs are held in 11,470 wallets.
Staying above this area with minimal resistance and solid support below could pave the way for LINK to move up to new yearly highs.”
Chainlink is trading at $14.34 at the time of this writing.
Converting to XRP, Martinez Called The fifth-largest cryptocurrency asset by market cap could bounce between $0.65 and $0.66 as it appears to be breaking out of the midpoint of a descending parallel channel.
In technical analysis, a descending parallel channel is generally considered bearish, but as Martinez’s chart shows, the asset can still rise to the upper end of the structural range.
XRP is trading at $0.612 at the time of this writing.
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