Trader and analyst Ali Martinez says the technicals for two altcoins are looking bullish as the overall crypto market cap hits a 19-month high.
Starting with Polygon (MATIC), rival Optimism (OP), Martinez tells Its 38,100 followers on the social media platform
An ascending parallel channel pattern is formed when the price of an asset is within three parallel trend lines. When the price moves below the center line of an ascending parallel channel pattern, it is generally considered a bearish move. When the price moves above the middle line of the ascending parallel channel pattern, it is generally considered bullish.
“With this pattern in play, OP could be setting its sights on the upper limit of the channel, possibly around $6.”
Optimism is trading at $3.81 at the time of writing, about 57% below the $6 target.
As for Cardano (ADA), Martinez say the eighth largest crypto asset by market capitalization has formed a symmetrical triangle on the four-hour chart. According to Martinez, Cardano could rise if strong support emerges above $0.63.
“Such a move [a sustained candlestick close above $0.63] will trigger a breakout that could set the stage for ADA to rally towards $0.78.”
Cardano is trading at $0.648 at the time of writing.
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