Trader Predicts 1,660% Rally for Under-the-Radar Altcoin, Updates Outlook on Shiba Inu and Chainlink
A closely followed crypto strategist believes that astronomical gains are on the horizon for an altcoin initially built on the Ethereum (ETH) blockchain.
Analyst Ali Martinez tells his 62,100 followers on the social media platform X that the native asset of a supply-chain management project VeChain (VET) appears to be mirroring its previous cycle’s market structure.
If VET continues to follow the script, Martinez predicts that the altcoin will print staggering gains of more than 1,660% before the year expires.
“Fractals indicate that VeChain (VET) is set for a rebound this summer, with a potentially explosive growth in the fall.”
Looking at the trader’s chart, he seems to predict that VET will rally to as high as $0.60 toward the end of 2024. At time of writing, VET is worth $0.0339.
Next up, Martinez says that memecoin Shiba Inu (SHIB) looks poised for a breakout rally.
“If Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, SHIB could witness a 20% upswing to $0.00002954!”
A descending parallel channel is typically a bearish structure indicating that an asset is in a downtrend. At time of writing, SHIB is worth $0.0000233.
The last altcoin on Martinez’s radar is the decentralized oracle network Chainlink (LINK). According to the trader, the Tom DeMark (TD) Sequential Indicator has flipped bullish for LINK.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
Says Martinez,
“The TD Sequential presents a buy signal on the Chainlink weekly chart, indicating that LINK could experience an upswing lasting one to four weeks.”
At time of writing, LINK is trading at $13.43.
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