A chart pattern suggests an Ethereum (ETH) layer-2 scaling solution altcoin could surge by 2,400%, according to a popular crypto analyst.
The trader Ali Martinez tells his 105,800 followers on the social media platform X that Polygon (MATIC) has been building a multi-year descending triangle since 2021.
“This pattern shows lower highs pressing towards a strong horizontal support at $0.285, a classic setup for a potential breakout. If Polygon closes above the descending resistance line at $0.69, we could see a major move. Based on the triangle structure, a breakout might target $12. Of course, it all hinges on that close above resistance.”
MATIC is trading at $0.453 at time of writing. The 127th-ranked crypto asset by market cap is down by nearly 5% in the past 24 hours.
In terms of Bitcoin (BTC), Martinez notes that the top crypto asset witnessed a spike in the taker buy/sell ratio on OKX.
“This indicates a surge in aggressive buying — a sign of upward momentum ahead!”
The taker buy/sell ratio is the ratio between the long and short volumes in the derivatives market.
Martinez also notes that Bitcoin “faces stiff resistance” between $95,090 and $99,800, a level where 2.4 million wallets bought more than 2.28 million BTC.
BTC is trading at $91,628 at time of writing and is down nearly 2% in the past day.
The analyst also updates his outlook on the top meme asset Dogecoin (DOGE).
“If you like fractals, then you’ll love Dogecoin… $4 to $23 next!”
DOGE is trading at $0.31 at time of writing. The seventh-ranked crypto asset by market cap is down more than 2.5% in the past day.
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Generated Image: Midjourney
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