A recent chart pattern analysis by a popular crypto analyst suggests that an Ethereum (ETH) layer-2 scaling solution altcoin could potentially surge by 2,400%. Ali Martinez, a well-known trader, shared his insights with his followers on the social media platform X, indicating that Polygon (MATIC) has been forming a multi-year descending triangle since 2021.
According to Martinez, the descending triangle pattern is characterized by lower highs converging towards a strong horizontal support level at $0.285. This setup typically signals a potential breakout, with Martinez highlighting that if Polygon manages to close above the descending resistance line at $0.69, a major move could be on the horizon. The analyst predicts that a breakout from this pattern could target $12, contingent on a successful close above resistance. At the time of writing, MATIC is trading at $0.453, experiencing a 5% decline in the past 24 hours.
Shifting focus to Bitcoin (BTC), Martinez observed a spike in the taker buy/sell ratio on OKX, indicating a surge in aggressive buying behavior. This uptick in buying interest suggests potential upward momentum for the leading cryptocurrency. However, Martinez also pointed out that Bitcoin faces significant resistance levels between $95,090 and $99,800, where over 2.4 million wallets purchased more than 2.28 million BTC. As of now, BTC is trading at $91,628, with a 2% decrease in the past day.
In addition to his analysis on Polygon and Bitcoin, Martinez updated his outlook on Dogecoin (DOGE), dubbing it a meme asset with intriguing fractal patterns. The trader suggested that if these fractals hold true, Dogecoin could see a price surge from $4 to $23. DOGE is currently trading at $0.31, experiencing a 2.5% decline in the last 24 hours.
As the crypto market continues to evolve, traders and investors are closely monitoring these developments for potential trading opportunities. Stay informed with the latest updates by subscribing to email alerts and following platforms such as X, Facebook, and Telegram. Keep a close eye on price action and market trends to make informed decisions in the dynamic world of cryptocurrencies.