Analyst Ali Martinez is highlighting a crypto asset that he believes is primed for a rally while unveiling his outlook for Cardano (ADA).
Martinez tells his 125,200 followers on the social media platform X that the utility token of the Onyx layer-3 blockchain, Onyxcoin (XCN), is consolidating in a descending triangle pattern and is “potentially gearing up for the next leg up.”
In technical analysis, a descending triangle is considered bullish if the price of an asset breaks out from above the descending trend line.
XCN is trading at $0.0247 at time of writing, up by 920% from the January 16th low of $0.00242.
Next up is Cardano. Martinez says that ADA is currently mirroring a pattern that previously resulted in a 2,600% rally.
“Looking back at history, Cardano seems to be repeating the same pattern from 2020 to 2021 at a slower pace, which could soon lead to a parabolic rally!”
Based on the trader’s chart, it appears he’s suggesting that Cardano could go up to a price of around $15, a potential gain of around 1,820% from the current level.
ADA is trading at $0.781 at time of writing.
Turning to Bitcoin (BTC), the crypto analyst says that the flagship digital asset is facing stiff resistance at the price of $97,350. According to Martinez, Bitcoin is at risk of a steep fall if it corrects to around the $92,110 level.
“…support below $92,110 is weak, as there’s a gap between $90,000 and $70,000.”
Bitcoin is trading at $96,155 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
