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kryptobörsen > News > Altcoin > Trader Predicts Breakout Rally for Under-the-Radar Altcoin, Says Cardano (ADA) Uptrend Looks Healthy

Trader Predicts Breakout Rally for Under-the-Radar Altcoin, Says Cardano (ADA) Uptrend Looks Healthy

Crypto analyst and trader Ali Martinez is predicting that a decentralized exchange (DEX) altcoin will soon have a breakout.

Martinez tells his 49,400 followers 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!”

Source: Martinez/X

GMX is trading for $56.13 at time of writing, down nearly 5% in the last 24 hours.

Next up, the trader suggests smart contract protocol Cardano (ADA) has more upside potential.

“The uptrend in Cardano appears healthy! There’s 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.”

Source: Martinez/X

Cardano is trading for $0.77 time of writing, up more than 6% in the last 24 hours.

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 Bitcoin’s 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.

“Over 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, it’s 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.”

Source: Martinez/X

Bitcoin is trading for $67,481 at time of writing, up more than 7% in the last 24 hours.

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