A closely followed analyst in crypto has announced that one of the most followed altcoins has created a very positive digital asset market structure. Crypto investor Ali Martinez, in a statement to his 108,000 followers on social media platform
XRP Upside Potential
Martinez said that XRP formed a bull pennant formation, and this formation generally indicates a continuing rise.
“XRP currently has the strongest bullish structures in crypto after the recent test of the breakout zone.”
He suggested that XRP has attracted intense interest from investors who have gained market dominance and that this interest could increase the price up to $10.
Predictions on Other Altcoins
Martinez, Ethereum $3,404.7He also made evaluations about ‘s layer-2 solution Polygon (MATIC).
“Polygon is on the verge of a major 40% move. “We expect a sustained close outside the $0.47-$0.41 range to determine direction.”
He also observed positive signals for synthetic dollar protocol Ethena (ENA) and layer-1 protocol Algorand (ALGO).
Analyst’s Estimates and Expectations
Stating that the price may rise further if ENA continues to maintain its $0.86 support, Martinez stated that ALGO has entered a strong upward trend by breaking the upper trend line of the symmetrical triangle.
“If ALGO makes a definitive close outside the $0.39-0.32 range, the direction of the trend will be determined.”
The latest price movements in the mentioned altcoins also support the analyst’s comments. XRP is trading at $3.15, up 18.2% in 24 hours. MATIC is at $0.48 with an increase of 7.1%, ENA is at $0.94 with an increase of 14.1%, and ALGO is at $0.44 with an increase of 20.3%.
It is important for investors to closely follow market movements and do their own research based on such technical analysis. Analyst predictions may give an idea about the general direction of the market, but they do not provide definitive results.
It should not be forgotten that volatility is high in crypto markets and caution should be taken when making investment decisions.
Investors who want to get more information about XRP and other altcoins may find it useful to regularly follow market trends and analyst comments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
