One widely followed crypto analyst thinks three leading altcoins are soon to enter bullish phases.
Crypto trader Ali Martinez tells his 62,900 followers on the social media platform X that the decentralized supply chain management platform VeChain (VET) is on the verge of lift-off after a successful retest of a parallel channel.
“Like in the previous bull cycle, VeChain retests the upper boundary of a parallel channel before VET enters a bull rally.”
VET is worth $0.0396 at time of writing, up 4% in the last 24 hours.
Looking at the decentralized finance (DeFi) blockchain Injective (INJ), Martinez sees a historical precedent for an upcoming bull run. Martinez refers to the Thomas DeMark (TD) Sequential indicator, a technical analysis tool aiming to pinpoint precise price reversals based on the closing prices of the previous nine and 14 intervals.
“The last two buy signals from the TD Sequential on the Injective weekly chart led to impressive bull runs of 700% and 555%. Now, this indicator is flashing another buy signal, suggesting that INJ could rally again!”
INJ is trading for $26.41 at time of writing, up 6.2% on the day.
Referring again to the TD Sequential, the crypto analyst says that the Ethereum (ETH) layer-2 protocol Polygon (MATIC) is about to scale up.
“The TD Sequential presents a buy signal on the MATIC weekly chart, anticipating Polygon will see a one to four weekly candlesticks upswing!”
MATIC is currently trading for $0.747, up 4% since yesterday.
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