Crypto trader Ali Martinez shares some of the reasons why he is so bullish on dYdX. The trader also says that Cardano is about to breakout. While the ETH addresses in the profit set a new ATH, the analyst says that the bull support is still present. Crypto influencer BitBoy explains his bullish altcoin project and why. According to one analyst, Phantom wants to break the resistance level.
Analyst explains why he is bullish for this altcoin
Crypto trader and analyst Ali Martinez shared some of the reasons why dYdX (DYDX) is so bullish. As per the caption, market sentiment for DYDX looks bearish. But Ali notes that investors shouldn’t take this into account just yet, as savvy traders often take advantage of negative emotions to find hidden gems.
The trader also adds that crypto whales have purchased more than 10 million DYDX tokens in the last 2 weeks alone. The total US dollar value of the tokens purchased by these whales is estimated to be around $24 million. According to Ali, this is a sign that big players in the crypto space see potential in DYDX despite the bear trend.
Finally, the tweet states that approximately 7.86 million DYDX tokens have been withdrawn from known crypto exchange wallets in the last 3 weeks. As a result, the number of DYDX tokens that can be sold is decreasing.
ETH addresses in profit set a new ATH
Blockchain tracking firm Glassnode Alerts shared that the number of Ethereum (ETH) addresses in profit (7d MA) has reached an all-time high (ATH) of 67,747,106,744. The tweet in question follows the latest distribution of the “Shapella fork”.
ETH managed to strengthen by 0.83% in the past day against the leader of the crypto market Bitcoin (BTC). As a result, 1 ETH is worth around 0.06919 BTC at press time. ETH is also trading near the 24-hour high of $2,120.59 and the daily low of around $2,049.08.
The ETH daily chart shows that the price of ETH is currently trading above the 9 and 20 EMA lines after a positive 3-day rally. During this sequence, the price of ETH rose from $1,852.65 on Wednesday to as high as $2,128.76 yesterday. Today’s trading session saw the price of ETH pull back slightly. However, according to crypto analyst Danielle du Toit, there is still some bullish support that is trying to keep the price of ETH high. The analyst continues in this direction.
The daily RSI indicator is currently showing that the price of ETH has peaked and will decline in the next 24-48 hours. According to press time, the daily RSI line has stabilized in the overbought zone. If the price of ETH closes today’s trading session below $2,016, it could drop to the next key support level near $1,914 in the next 24-48 hours. On the other hand, the price of ETH closing above the current resistance level at $2,120 creates an opportunity for the altcoin price to rise to $2,177 in the next few days.
BitBoy remains bullish for this altcoin
Crypto influencer BitBoy Crypto says he is increasingly bullish on Ripple (XRP) given that the ongoing litigation between Ripple Labs and the SEC is expected to end soon. According to the trader, XRP will also be the top 100 best performing crypto during the next bull run. BitBoy thinks that bullish momentum for XRP will continue to build after a positive outcome for Ripple in the lawsuit as top exchanges will gradually begin to relist the altcoin.
However, the trader adds that winning the case against the SEC will not immediately lead to a meteoric rise in the price of XRP. BitBoy states that before the altcoin price goes up, XRP should no longer be considered a security and the SEC should not contest the outcome of the lawsuit.
If Ripple wins the lawsuit and XRP is no longer considered a security and no objections are raised by the SEC regarding the outcome of the lawsuit, BitBoy believes traders will create a buzz around the altcoin. The trader states that this potential enthusiasm around XRP will only strengthen as XRP will be the first regulated cryptocurrency.
Phantom (FTM) wants to break the resistance level
FTM has been on a steady rise since dropping to the $0.31 price level a month ago, posting a 23.6% price increase over the past 30 days. According to analyst Opeyemi Sule, on-chain data and recent price action suggest that the coin’s rise may continue for a while. Although the market seems to be consolidating at the moment, many people are betting on the token to resume its bullish trend soon.
FTM price reached the $0.52 resistance level in March and declined to the support level around $0.40 later in the month. On Friday, April 14, FTM price hit $0.52 again, and for the first time this month, it was broken by several candlesticks before returning below that price.
Since this notable price action, the FTM market has continued to move sideways, hovering around the $0.52 resistance level. However, according to IntoTheBlock’s Break-Even Price breakdown, there are indications that the coin will break the $0.52 level, but $0.72 is likely to form a more important resistance. On the other hand, the bears could win this fight if FTM falls below $0.47. At this point, 2,400 addresses that purchased 68 million tokens at $0.52 are expected to sustain the coin’s price. But if that is not the case, FTM may seek its next support at $0.43.
According to data from Santiment, FTM whales seem to strengthen their long positions. The positive accumulation trend among whales could translate into an uptick in the retail FTM market. In addition, the recent accumulation trend among long-term network participants is positive and indicates a potential FTM price increase. A positive average coin age means that long-term participants hold FTM tokens, which could lead to an upward price action.
Bold predictions for this altcoin from the analyst
cryptocoin.comAs you follow, Cardano has experienced a significant price increase in recent weeks after a similar trend in the crypto markets. The launch of new updates to the Cardano ecosystem has also contributed to these bullish sentiments, with several analysts starting to make weird predictions about the future of ADA. The latest to predict is popular crypto analyst Ali Martinez, who believes Cardano is about to make a major breakout that will push its price to $0.60. The analyst made this prediction in response to a question asked on Twitter by LunarCrush, a crypto social analytics platform.
Ali backed up his prediction with a chart showing a head and shoulders pattern on Cardano’s price. According to the analyst, when Cardano reaches this formation, it could lead to a 44% increase in the price of ADA. The head and shoulders chart pattern is a price reversal pattern that allows traders to detect when a trend has ended. Hence, the inverse head and shoulders pattern seen on Ali’s chart most likely indicates a downtrend reversal, thus confirming his predictions.
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