The cryptocurrency market seems to have left the Binance uncertainty behind for now. Leading cryptocurrency Bitcoin reached the 38 thousand dollar mark. The leading altcoin Ethereum is consolidating its position above 2 thousand dollars. In this environment, master cryptocurrency analyst Ali Martinez says there is a ‘mega bull’ in an Ethereum-based altcoin. The analyst also explains his targets for 2 tokens for which he expects to rise and 1 token for which he predicts a decline.
According to the analyst, UNI has a potential of 62%!
cryptokoin.comAs you follow from , the market is starting to gain momentum again. Bitcoin and Ethereum are strengthening their positions above critical resistances. The market is rallying to put the drama around Binance behind. In this environment, popular cryptocurrency analyst Ali Martinez says that a leading Ethereum (ETH)-based decentralized exchange is on the verge of making a significant upward move. Martinez notes that Uniswap (UNI) “seems to be breaking out” on the weekly chart after invalidating a descending triangle.
Analysts typically consider the ‘descending triangle’ pattern as a bearish continuation pattern. According to Martinez, if UNI makes a “sustained close” above the $5.70 price, the altcoin could rally towards $10, a gain of approximately 62% from the current price.
Meanwhile, Uniswap was trading at $6.24 at the time of writing, down 1.6% on a daily basis. However, UNI is sitting above gains of around 22% on its weekly chart.
This altcoin is at risk of selling
Ali Martinez next looks at Ethereum scaling solution Polygon (MATIC). The analyst says MATIC may witness a sell-off if it fails to rise above a significant price level. In this context, the analyst makes the following statement:
MATIC has fallen below a key supply zone ranging from $0.84 to $0.86. In this range, 14,240 addresses hold more than 4.13 billion MATIC. The longer the MATIC price remains below this zone, the more likely these holders will start selling to avoid significant losses.
MATIC was trading below Martinez’s supply area at $0.7812 at the time of writing. However, the altcoin remains in the green zone on its daily chart. MATIC, which lost more than 7% in value on a weekly basis, increased by 19% on a monthly basis.
It is possible for LINK to visit the 2023 summit!
Following MATIC, the analyst moves to Blockchain oracle Chainlink (LINK). The veteran analyst predicts that Chainlink will revisit the 2023 high of $16.62. Moreover, he says that it is possible for the altcoin price to surpass this level. In this regard, the analyst shares the following assessment:
LINK is in a significant demand zone ranging from $13.80 to $14.20. Here, 11,470 wallets hold a significant 23.5 million LINK. With minimal resistance ahead and solid support below, staying above this zone could pave the way for LINK to climb to new yearly highs.
Meanwhile, LINK was trading at $14.34 at the time of writing.
The analyst also predicts an uptrend for this altcoin
Finally, Ali Martinez takes a look at Ripple (XRP). The fifth-largest crypto asset by market cap appears to be breaking out of the midpoint of a parallel descending channel, the analyst says. Therefore, it is possible for the altcoin price to rise to between $0.65 and $0.66.
In technical analysis, descending parallel channels are typically considered bearish. However, it was still possible for an asset to rise to the top of the structure’s range, as Martinez’s chart suggests. Meanwhile, XRP was trading at $0.618 at the time of this writing.
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