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Trader Says Ethereum-Based Altcoin Could Explode by Over 150%, Updates Outlook on Bitcoin, Solana and Toncoin

n70products by n70products
September 7, 2024
in Altcoin
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Trader Says Ethereum-Based Altcoin Could Explode by Over 150%, Updates Outlook on Bitcoin, Solana and Toncoin
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Cryptocurrency analyst and dealer Ali Martinez is leaning cautiously bullish on an Ethereum-based altcoin.

Martinez tells his 70,300 followers on the social media platform X that the native token of the Ethereum (ETH) scaling resolution Polygon (POL) is forming a descending triangle sample, on the weekly chart.

A descending triangle sample is often thought of a bearish sign.

In line with Martinez, POL may admire by 155% from the present stage if the help space at across the $0.34 worth holds up.

Image
Supply: Ali Martinez/X

POL is buying and selling at $0.369 at time of writing.

If Polygon’s $0.34 help stage fails, Martinez says,

“Nonetheless, if it breaks, a correction all the way down to $0.19 is feasible.”

Image
Supply: Ali Martinez/X

Subsequent up is Bitcoin (BTC). Martinez says that earlier within the 12 months, the Tom DeMark (TD) Sequential indicator, a device utilized in technical evaluation to determine potential pattern reversals, turned bearish. In line with the analyst, Bitcoin should keep the $51,000 help stage or threat plunging to $40,600.

Bitcoin is buying and selling at $56,718 at time of writing.

Turning to Solana (SOL), Martinez says,

“The TD Sequential indicator has flashed a purchase sign on the Solana day by day chart, suggesting a possible rebound of 1 to 4 day by day candlesticks.”

Image
Supply: Ali Martinez/X

Subsequent up is the native token of The Open Community layer-1 blockchain Toncoin (TON). According to Martinez, Toncoin has to reclaim the help stage at round $4.70 to keep away from a double-digit crash.

“If TON fails to take action, a forty five% correction all the way down to $2.60 could possibly be seemingly.”

Image
Supply: Ali Martinez/X

TON is buying and selling at $4.67 at time of writing.

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Disclaimer: Opinions expressed at The Every day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any losses you might incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in internet affiliate marketing.

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