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

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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney