Technical analysis of leading cryptocurrencies such as Uniswap (UNI) is a major focus of interest among investors.
Cryptocurrency analyst and trader Ali Martinez stated that after Uniswap initiated an upward move from the descending triangle pattern on the weekly chart, this digital asset could have significant potential. Descending triangle patterns are often considered bearish continuation patterns, but Martinez's analysis shows that UNI has broken out of this pattern and carries signs of a possible uptrend.
According to Martinez, if Uniswap makes a âsustainable closeâ above $5.70, UNI could rise to $10, an increase of approximately 62% from the current price. This is a case that highlights the power of technical analysis and provides analysis that investors can use as a guide to evaluate potential profit opportunities.
UNI is not the only altcoin that Martinez follows closely. Another altcoin on the analyst's radar is Polygon (MATIC). Martinez says MATIC may witness a sell-off if it fails to rise above a critical price level.
Next up is the blockchain oracle Chainlink (LINK). The crypto analyst claims that Chainlink could surpass the 2023 high of $16.62.
Finally, Martinez, who also examined XRP, says that the fifth-largest crypto asset by market value could recover between $0.65 and $0.66 as it appears to be breaking out from the midpoint of a descending parallel channel. In technical analysis, descending parallel channels are generally considered bearish, but an asset can still rise towards the top of the structure's range, as Martinez's chart suggests.
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