Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum
Crypto trader and analyst Ali Martinez is saying that a top-10 altcoin by market cap is potentially forming a bullish pattern and that it could appreciate by double-digit percentage points.
Martinez tells his 35,500 followers on the X social media platform that Binance Coin (BNB) could be forming an inverted head and shoulders pattern, which is typically a bullish signal.
According to Martinez, if Binance Coin manages a “sustained close above the neckline at $261,” the fourth-largest crypto asset by market cap could surge by nearly 20% towards the $310 price.
BNB is trading at $251 at time of writing, up by around 10% over the past two weeks.
Turning to Bitcoin (BTC), Martinez says that the flagship crypto asset’s recent fall in price to around $40,300 presented an opportunity for whales to accumulate. Citing data from blockchain analytics firm Glassnode, Martinez says that the number of entities holding 1,000 Bitcoin or more has increased since the price dip.
Bitcoin is trading for $42,897 at time of writing.
Turning to Ethereum (ETH), Martinez says that approximately 5.58 million addresses purchased 39.87 million Ethereum at prices ranging between $1,934 and $2,160.
“From an on-chain perspective, this is ETH’s most critical support level. For traders, this could be the ideal reloading point to aim for new highs.”
Ethereum is trading at $2,287 at time of writing.
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The post Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.
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Author: Mark Emem
