"Analyst Martinez Spots Altcoin Breakout, Predicts Cardano's Parabolic Rally"
1min read Crypto analyst Ali Martinez has identified a promising altcoin and shared his outlook on Cardano (ADA), highlighting potential opportunities in the crypto market. Martinez, with a following of 125,200 on the social media platform X, believes that Onyxcoin (XCN), the utility token of the Onyx layer-3 blockchain, is consolidating in a descending triangle pattern and could be gearing up for the next leg up. In technical analysis, a descending triangle is considered bullish if the price breaks out from above the descending trend line.
XCN is currently trading at $0.0247, up by 920% from its January 16th low of $0.00242. Martinez also discussed Cardano, noting that ADA is mirroring a pattern that previously resulted in a 2,600% rally. He suggests that Cardano could soon experience a parabolic rally, potentially reaching a price of around $15, which would represent a gain of approximately 1,820% from the current level. ADA is currently trading at $0.781.
Turning to Bitcoin (BTC), Martinez highlighted that the flagship digital asset is facing stiff resistance at the price of $97,350. He warned that Bitcoin is at risk of a steep fall if it corrects to around the $92,110 level, as support below this point is weak, with a significant gap between $90,000 and $70,000. BTC is currently trading at $96,155.
