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.”
Source: Martinez/XCardano 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.”
Source: Martinez/XBitcoin is trading for $67,481 at time of writing, up more than 7 in the last 24 hours.
