Top 10 altcoins have a significantly bullish setup, analyst says, charts path forward for Polygon, Ethena, and Algorand
One closely followed cryptocurrency analyst says that one of the top 10 altcoins forms one of the most bullish structures in the digital asset market.
In a new strategy session, cryptocurrency trader Ali Martinez He tells His 108,000 followers on the XRP altcoin payment social media platform form a bullish flag pattern.
The bullish flag pattern is a continuation pattern where a period of consolidation is often followed by a breakout.
“XRP has one of the most bullish setups in the cryptocurrency space right now after the recent retest of the breakout zone!”
Him too He says XRP could rise to $10, an increase of more than 217% from its current value, as cryptocurrency whales buy massive amounts of the token.
“XRP is in the middle of a massive bull breakout… On-chain data reveals that whales have been accumulating XRP significantly. In the past week alone, they have purchased over 1.10 billion XRP. This buying pressure is building momentum. XRP has broken through the bull flag “If the buying pressure continues, it could help push XRP to $10.”
XRP is trading for $3.15 at the time of writing, up 18.2% over the past 24 hours.
Next, analyst He says The Ethereum (ETH) Polygon (MATIC) layer 2 benchmark solution is poised for a massive move in either direction as it is consolidating inside a descending triangle.
“Polygon is about to move 40%!” All we have to do is wait for a sustained close outside the $0.47 to $0.41 range to determine the breakout direction.”
MATIC is trading for $0.48 at the time of writing, up 7.1% over the past 24 hours.
Next is suggests Ethena (ENA), a synthetic dollar protocol built on Ethereum, may have avoided a sharp correction after rising to reclaim a key support level within a trading range of $1.03 at the top and $0.85 at the bottom.
“Ethena appears to have exited a parallel channel! Failure to reclaim $0.86 as support could lead to a price correction towards $0.69 or $0.57.
Ethena is trading for $0.94 at the time of writing, up 14.1% over the past 24 hours.
Finally, he suggests Layer 1 protocol Algorand (ALGO) is now in an uptrend after breaching the upper trend line of the symmetrical triangle on the 4-hour chart.
Symmetrical triangle patterns can be bullish or bearish – bullish if the price breaks above the upper trend line and bearish if the price breaks below the lower trend line.
“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 at the time of writing, up 20.3% in the past 24 hours.
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