Cryptocurrency analyst and trader Ali Martinez is leaning cautiously bullish on an Ethereum-based altcoin.
Martinez tells his 70,300 followers on the social media platform X that the native token of the Ethereum (ETH) scaling solution Polygon (POL) is forming a descending triangle pattern, on the weekly chart.
A descending triangle pattern is typically considered a bearish signal.
According to Martinez, POL could appreciate by 155% from the current level if the support area at around the $0.34 price holds up.
POL is trading at $0.369 at time of writing.
If Polygon’s $0.34 support level fails, Martinez says,
“However, if it breaks, a correction down to $0.19 is possible.”
Next up is Bitcoin (BTC). Martinez says that earlier in the year, the Tom DeMark (TD) Sequential indicator, a tool used in technical analysis to identify potential trend reversals, turned bearish. According to the analyst, Bitcoin must maintain the $51,000 support level or risk plunging to $40,600.
Bitcoin is trading at $56,718 at time of writing.
Turning to Solana (SOL), Martinez says,
“The TD Sequential indicator has flashed a buy signal on the Solana daily chart, suggesting a potential rebound of one to four daily candlesticks.”
Next up is the native token of The Open Network layer-1 blockchain Toncoin (TON). According to Martinez, Toncoin has to reclaim the support level at around $4.70 to avoid a double-digit crash.
“If TON fails to do so, a 45% correction down to $2.60 could be likely.”
TON is trading at $4.67 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: Dalle3
