Trader Predicts Ethereum-Based Altcoin Could Explode by Over 2,400%, Updates Outlook on Bitcoin

A chart sample suggests an Ethereum (ETH) layer-2 scaling resolution altcoin may rise 2,400%, in keeping with a well-liked crypto analyst.

The dealer Ali Martinez tells With its 105,800 followers on the social media platform X, Polygon (MATIC) has been constructing a multi-year descending triangle since 2021.

“This sample reveals decrease highs pushing in the direction of robust horizontal assist at $0.285, a basic setup for a possible breakout. If Polygon closes above the falling resistance line at $0.69, we may see a giant transfer. Primarily based on the triangle construction, a breakout may goal $12. In fact, all of it depends upon the resistance rising above the resistance.’

MATIC is buying and selling at $0.453 on the time of writing. The 127th-ranked crypto asset by market capitalization has fallen almost 5% prior to now 24 hours.

When it comes to Bitcoin (BTC), Martinez notes that the highest crypto asset witnessed a spike in taker purchase/promote ratio on OKX.

“This alerts a wave of aggressive shopping for – an indication of upward momentum!”

The taker purchase/promote ratio is the ratio between the lengthy and brief volumes on the derivatives market.

Martinez too notes that Bitcoin is “going through stiff resistance” between $95,090 and $99,800, a stage the place 2.4 million wallets purchased greater than 2.28 million BTC.

BTC is buying and selling at $91,628 on the time of writing and is down nearly 2% over the previous day.

The analyst additionally updates his view on prime meme asset Dogecoin (DOGE).

“In case you like fractals, you may love Dogecoin…$4 to $23 subsequent!”

DOGE is buying and selling at $0.31 on the time of writing. The seventh-ranked crypto asset by market capitalization is down greater than 2.5% prior to now day.

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Generated picture: Midjourney