Top market analyst Ali Martinez claims he has discovered a hidden gem with a worthy risk-reward ratio.
With thousands of digital currencies trading in the market today, sieving through the noise might be a very difficult venture for many crypto traders. However, analyst Ali Martinez said he has spotted Astroport (ASTRO) as a new gem worth watching.
His thesis on the coin is based on the technical set-up of the asset on the weekly chart that suggests an imminent upshoot might be recorded in the long term.
The Bullish Thesis on Astroport
According to Martinez, ASTRO has formed a ‘W’ pattern on its weekly chart, a pattern that typically hints at a bullish uptrend into the foreseeable future.
To capitalize on this key window, Martinez said he has bought $1,000 worth of the coin that he plans to HODL. He noted that if the bullish setup plays out as he envisaged, then there is a high possibility he will make as much as $20,000 from the trade.
Considering the uncertainty that lies in crypto trading, Martinez said there is still a possibility he’d lose his $1,000 investment if the price of ASTRO falls back to $0. However, he noted that the reward is worth the risks and that he is ready to play the long game.
I may have found a hidden gem! 💎
This low cap #altcoin seems to have formed a W pattern on its weekly chart. It’s only trading on @coinexcom, so I went there, deposited $1,000, and bought myself some #Astroport.
If $ASTRO drops to $0, I’ll only lose $1,000, but if this… pic.twitter.com/KMaMJXU9eg
— Ali (@ali_charts) February 6, 2024
Astroport has close ties with the Cosmos ecosystem, serving as a robust marketplace where anyone can come and sell their merchandise.
Astroport is decentralized and open-sourced with a good number of contributors to its development. At the time of writing, the coin’s price and market cap has soare 1.38% in 24 hours to $0.2293 and $45,163,161 with the trading volume up 45% to $105,711.
The Ali Martinez Influence
Ali Martinez is one of the most vocal analysts that has maintained consistency in the industry over the past years.
His charts and forecasts are held in reverence by members in the Bitcoin (BTC), Dogecoin (DOGE) and Chainlink (LINK) communities. Besides these coins, he has a very bullish outlook on Cardano (ADA) as well.
Read the full article here