Polygon (MATIC) has caught the attention of crypto analyst Ali Martinez, who suggests that the Ethereum layer-2 scaling solution altcoin could see a massive surge of up to 2,400%. Martinez, with a following of over 105,800 on X, points out that MATIC has been forming a multi-year descending triangle pattern since 2021.
According to Martinez, the descending triangle pattern indicates lower highs converging towards a strong horizontal support level at $0.285. This classic setup often precedes a potential breakout, with Martinez highlighting that a close above the descending resistance line at $0.69 could trigger a major move. If this breakout occurs, the analyst predicts that MATIC could target $12, representing a significant increase. However, Martinez emphasizes that the breakout is contingent on a close above the resistance level.
As of the time of writing, MATIC is trading at $0.453, down nearly 5% in the past 24 hours. Despite the current dip, Martinez’s analysis suggests the potential for a substantial upside if the breakout scenario materializes.
In addition to his analysis on MATIC, Martinez also shares insights on Bitcoin (BTC) price action. He notes a spike in the taker buy/sell ratio on OKX, indicating a surge in aggressive buying and potential upward momentum for the leading cryptocurrency. However, Martinez points out that Bitcoin faces significant resistance between $95,090 and $99,800, a level where a large number of wallets accumulated over 2.28 million BTC.
BTC is currently trading at $91,628, down nearly 2% in the past day. Martinez’s analysis underscores the importance of overcoming the resistance levels for Bitcoin to continue its upward trajectory.
Furthermore, Martinez provides an update on Dogecoin (DOGE), highlighting a potential price target range of $4 to $23 based on fractal patterns. DOGE is currently trading at $0.31, experiencing a more than 2.5% decline in the past day.
As investors navigate the volatile crypto market, insights from analysts like Martinez can provide valuable guidance. Keep a close eye on these key levels and patterns to capitalize on potential opportunities in the market.
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