Crypto analyst Ali Martinez, frequently mentioned in cryptocurrency markets, has announced that a decentralized exchange (DEX) altcoin is poised for an upcoming rise. The analyst also shared his views on Bitcoin (BTC) and Cardano (ADA).
Expecting a 60% Increase in GMX Value
Popular crypto analyst Ali Martinez, through social media platform X, told his followers that GMX has formed a reversal pattern that could lead to a rise of over 60% from its current value. The analyst stated:
GMX is forming an inverse head-and-shoulders pattern on the daily chart. A consistent daily candlestick closure above $60 could trigger a 48.50% rise, sending GMX to $90!
At the time of writing, GMX is trading at $56.13, down about 5% in the last 24 hours. The analyst then highlighted that the smart contract protocol Cardano (ADA) has more upside potential, emphasizing the following in his remarks:
The uptrend in Cardano looks healthy! There’s a notable increase in daily active ADA addresses, transaction volume, and transactions from ADA whales. This increased activity signifies strong network participation and investor interest, positive indicators for ongoing growth.
Critical Data for Bitcoin’s Path
Lastly, the analyst warned that if Bitcoin (BTC) falls below $61,000, it could drop to $51,500. He uses Bitcoin’s URPD, which tracks the number of current cryptocurrencies that have moved at a specific price range, to identify key support levels. The analyst concluded:
Between $61,100 and $61,800, over 500,000 BTC were traded, creating a significant support area. If Bitcoin stays above this threshold, considering the minimum resistance ahead, it’s gearing up to climb to $65,900. Conversely, if BTC falls below support, a correction could bring it down to $56,970, or even $51,500.
