Analyst Ali Martinez reports two months as total crypto market cap hits 19-month high altcoin rise for predicts.
Analyst Optimism It starts with (OP). He tells his followers on X that the Ethereum layer-2 crypto project has formed an ascending parallel channel on the three-day chart and is in “price discovery mode.”
An ascending parallel channel pattern occurs when the price of an asset lies within three parallel trend lines. When the price breaks below the middle line of an ascending parallel channel formation, this is generally considered a bearish move. When the price breaks above the middle line of an ascending parallel channel formation, it is generally considered bullish.
While this formation is in question, OP may be eyeing the upper limit of the channel, potentially targeting around $6.
NEWS CONTINUES BELOW
Koinfinans.com As we reported, the altcoin is trading at $3.81 at the time of writing, approximately 57% below the $6 target.
CardanoTurning to (ADA), Martinez says the eighth-largest crypto asset by market cap forms a symmetrical triangle on the four-hour chart. According to Martinez, Cardano could rally if it forms a strong support above $0.63.
Such a move (a sustained candlestick close above $0.63) would trigger a breakout that could set the stage for ADA to rally towards $0.78.
Cardano is trading at $0.648 at the time of writing.