The cryptocurrency market faced a sharp sell-off amid rising geopolitical tensions. Thus, the leading crypto Bitcoin fell below 62 thousand dollars. Altcoins also lost serious altitude. Despite this, analysts are hopeful for some tokens. An analyst with a large following says that a strong competitor of the leading altcoin Ethereum is preparing to start a run. The analyst also updates his outlook for Bitcoin and XRP.
These cryptocurrency are probably forming a bull pattern!
As you’ve been following on Kriptokoin.com, the market has been hit hard by hard sell-offs. However, expectations are that it will overcome this one as it has recovered after every drop. In this environment, popular analyst Ali Martinez shared his latest predictions to his followers. The analyst says that the smart contract platform Solana (SOL) could create a bullish pattern on its four-hour chart that would see it skyrocket to $259, a 63% gain from its current price. In this context, the analyst makes the following statement:
I know, the decline continues! However, Solana may be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and the oversold RSI (relative strength index) suggest that it might be a good time to buy SOL. Consider placing your stop-loss around $156-$154 and aim for a profit of $200-$259!
Meanwhile, Solana was trading at $152.7 at the time of writing, down 7.2% on a daily basis. This brings SOL’s weekly losses to over 18%.
Ali Martinez: Bitcoin bears are getting cocky, but…
The analyst then looks at the leading cryptocurrency Bitcoin (BTC). Ali Martinez says BTC bulls were crushed the last time BTC fell below $63,000. This is because the drop caused billions of dollars worth of long positions to be liquidated. According to the analyst, these emboldened bears will put themselves in danger if BTC crosses $70,400. Accordingly, the analyst shares the following assessment:
A group of Bitcoin bulls has been rect in this decline. According to data from Coinglass, over $2.50 billion in leveraged long positions were liquidated as BTC fell below $63,000! Now, the bears are getting cocky. But if BTC rises to $70,440, about $2.40 billion in leveraged short positions will be wiped out.
Meanwhile, at the time of writing, Bitcoin was trading at $61,947, down 4.2% on the day. The leading cryptocurrency also saw losses of over 10% on its weekly chart.
Analyst predicts a run for XRP as well
Ali Martinez also makes a similar prediction for XRP Coin, the digital asset used to operate Ripple Labs’ payment platform. The analyst predicts that XRP will start a bull run if it breaks the $0.90 level. Meanwhile, XRP was changing hands at $0.5711 at the time of writing, down 0.25% on a daily basis. The token’s weekly loss was 5.3%.
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Yazının devamı için Popular Analyst Expects Bull Run for These 3 Cryptocurrencies!