A significant surge is anticipated for an altcoin that has already seen a 920% increase within a month. The same analyst also shares his insights on Cardano ADA/USD and Bitcoin BTC/USD.
What Happened: Crypto analyst Ali Martinez expressed his bullish predictions for OnyxCoin XCN/USD, a utility token of the Onyx layer-3 blockchain. Martinez suggests that XCN, currently in a descending triangle pattern, is bracing for another significant price surge.
In technical analysis, a descending triangle is often seen as a bullish indicator if the asset’s price breaks out from above the descending trend line. At present, XCN is trading at $0.0247, a 920% rise from its January 16th low of $0.00242.
Martinez also turned his focus to Cardano, stating that ADA is reflecting a pattern that previously triggered a 2,600% rally.
He predicts that this could soon lead to a parabolic rally for Cardano, potentially hitting a price of around $15, an estimated increase of about 1,820% from its current level.
On the other hand, Martinez cautions that Bitcoin is encountering strong resistance at the price of $97,350. He indicates that if Bitcoin adjusts to around the $92,110 level, it could be susceptible to a sharp fall, considering the weak support below $92,110.
Why It Matters: The predictions made by Martinez have significant implications for the crypto market. The potential surge in OnyxCoin and Cardano could attract more investors and possibly lead to a shift in market dynamics.
However, the predicted downfall of Bitcoin could result in a market downturn, affecting investor sentiment and overall market stability.
These predictions underscore the volatile nature of the crypto market and the need for investors to stay informed and vigilant.
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