đ” Ali Martinez: A Decentralized Exchange (DEX) Altcoin Will Soon Have A Breakout.
Martinez tells on the social media platform X that GMX seems to be forming a bullish trend reversal pattern that could send it soaring more than 60% from the current value.
"$GMX is forming a [inverse] head-and-shoulders pattern on the daily chart. A sustained daily candlestick close above $60 could trigger a 48.50% bullish breakout that sends GMX toward $90!â
Next up, the trader suggests smart contract protocol Cardano $ADA has more upside potential.
âThe uptrend in Cardano appears healthy! Thereâs a notable rise in daily active ADA addresses, transaction volume, and transactions from ADA whales. This increasing activity signifies strong network engagement and investor interest, positive indicators for continued growth.â
Lastly, the trader warns that if Bitcoin $BTC breaks below $61,000, it could dip to as low as $51,500. To identify the key support levels he uses Bitcoinâs URPD, or UTXO (unspent transaction output) realized price distribution, which keeps track of the number of existing coins that last moved within a given price range.
âOver 500,000 BTC have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If Bitcoin remains above this threshold, itâs poised to climb towards $65,900, given the minimal resistance ahead. Conversely, should BTC dip below support, a correction could lead it down to $56,970 or even $51,500.â
