A closely followed crypto analyst is warning that payments token XRP and three other altcoins may suddenly collapse.
In a new post, crypto trader Ali Martinez tells his 134,500 followers on the social media platform X that XRP may be forming a head-and-shoulders (H&S) pattern on the daily chart.
An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs.
He also says that the Ethereum (ETH) hard fork Ethereum Classic (ETC), decentralized finance (DeFi) protocol Yearn.Finance (YFI) and a Bitcoin (BTC) hard fork Bitcoin Cash (BCH) are on the verge of losing key support levels.
“What do XRP, ETC, YFI, and BCH have in common?”
XRP is trading for $2.08 at time of writing, down 3.3% in the last 24 hours.
Meanwhile, ETC is trading for $16.69 at time of writing, up 1% on the day, and YFI is trading for $4,778 at time of writing, down 1.1% in the last 24 hours.
BCH is trading for $302 at time of writing, up 1.1% on the day.
Next up, he says that the Tom DeMark (TD) Sequential indicator is flashing a bullish signal on the weekly charts for layer-1 protocol Algorand (ALGO) and global payments network Stellar (XLM).
TD Sequential is an indicator used in technical analysis to determine potential trend reversal points.
“The TD Sequential just presented a buy signal on the weekly chart for Algorand. This could be the spark for a fresh uptrend!”
ALGO is trading for $0.17 at time of writing, down 1.5% in the last 24 hours.
He suggests Stellar may increase more than 46% its current value.
“The TD Sequential indicator just flashed a buy signal on the Stellar weekly chart, which could lead to a rebound to $0.34 or even $0.38!”
XLM is trading for $0.26 at time of writing, down 2% on the day.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here