Trader Says Ethereum-Based Blue Chip Altcoin Could Explode Over 100%, Updates Outlook on Bitcoin and Chainlink
Crypto trader and analyst Ali Martinez is expressing a bullish outlook on a top-20 Ethereum (ETH) altcoin.
Martinez tells his 39,200 followers on the X social media platform that the Ethereum layer-2 network Polygon (MATIC) could appreciate by up to 115% from the current level.
According to Martinez, Polygon is forming a symmetrical triangle pattern on the three-day chart and is on the cusp of breaking out of the pattern’s upper trend line.
A symmetrical triangle pattern can be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks below the lower trend line.
“Be patient! Let the pattern fully develop, as the initial target for MATIC is set at $1.25, followed by a potential move towards $1.82!”
Polygon is trading at $0.847 at time of writing.
Next up is Bitcoin (BTC). Citing data from analytics platform Glassnode, Martinez says that the flagship crypto asset’s market value to realized value (MVRV) metric shows that the “next key price targets for BTC are $52,680 and $70,250!”.
MVRV is the ratio of the current market cap of Bitcoin relative to the crypto asset’s realized capitalization (BTC’s market cap when the coins were last moved or acquired).
Turning to Chainlink (LINK), Martinez says while the blockchain oracle could potentially appreciate to $34, a drop below the $14.20 price, which it has, invalidates the bullish outlook on the four-hour chart.
Chainlink is trading at $13.85 at time of writing.
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