Crypto analyst and trader Ali Martinez is predicting that a decentralized exchange (DEX) altcoin will soon have a breakout.
Martinez tells his 49,400 followers on the social media platform X that GMX seems to be forming a bullish trend reversal pattern that could send it soaring more than 60% from the current value.
“GMX is forming a [inverse] head-and-shoulders pattern on the daily chart. A sustained daily candlestick close above $60 could trigger a 48.50% bullish breakout that sends GMX toward $90!”
GMX is trading for $56.13 at time of writing, down nearly 5% in the last 24 hours.
Next up, the trader suggests smart contract protocol Cardano (ADA) has more upside potential.
“The uptrend in Cardano appears healthy! There’s a notable rise in daily active ADA addresses, transaction volume, and transactions from ADA whales. This increasing activity signifies strong network engagement and investor interest, positive indicators for continued growth.”
Cardano is trading for $0.77 time of writing, up more than 6% in the last 24 hours.
Lastly, the trader warns that if Bitcoin (BTC) breaks below $61,000, it could dip to as low as $51,500. To identify the key support levels he uses Bitcoin’s URPD, or UTXO (unspent transaction output) realized price distribution, which keeps track of the number of existing coins that last moved within a given price range.
“Over 500,000 BTC have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If Bitcoin remains above this threshold, it’s poised to climb towards $65,900, given the minimal resistance ahead. Conversely, should BTC dip below support, a correction could lead it down to $56,970 or even $51,500.”
Bitcoin is trading for $67,481 at time of writing, up more than 7% in the last 24 hours.
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Generated Image: Midjourney