A chart pattern suggests one altcoin operating on the real-world assets (RWA) crypto sector looks ready for an upside burst, according to a popular analyst.
The trader Ali Martinez tells his 118,700 followers on the social media platform X that the RWA project Ondo Finance (ONDO) “appears to be breaking out of a bull flag.”
A bull flag is typically viewed as a bullish pattern, suggesting that an asset is consolidating before kicking off on a new rally.
Martinez says the bull flag suggests ONDO could be targeting $3.40, which would represent a 141% increase.
ONDO is trading at $1.41 at time of writing. The 37th-ranked crypto asset by market cap is up more than 6% in the past 24 hours.
The crypto analyst also says that historical trends related to Bitcoin (BTC) halvings suggest a bear market could begin between May and October of this year. A Bitcoin halving is a highly anticipated event that slashes BTC miner rewards in half.
Martinez also notes nearly $5 billion in BTC profits were realized on Thursday alone.
BTC is trading at $104,947 at time of writing. The top-ranked crypto asset by market cap is up by more than 1% in the past 24 hours.
Martinez also notes that crypto whales sold more than 180 million of Cardano (ADA) over the past week.
The Ethereum (ETH) rival is trading at $0.973 at time of writing.
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