Analyst Ali Martinez is highlighting a crypto asset that he believes is primed for a rally while unveiling his outlook for Cardano (ADA).
Martinez tells his 125,200 followers on the social media platform X that the utility token of the Onyx layer-3 blockchain, Onyxcoin (XCN), is consolidating in a descending triangle pattern and is “potentially gearing up for the next leg up.”
In technical analysis, a descending triangle is considered bullish if the price of an asset breaks out from above the descending trend line.
XCN is trading at $0.0247 at time of writing, up by 920% from the January 16th low of $0.00242.
Next up is Cardano. Martinez says that ADA is currently mirroring a pattern that previously resulted in a 2,600% rally.
“Looking back at history, Cardano seems to be repeating the same pattern from 2020 to 2021 at a slower pace, which could soon lead to a parabolic rally!”
Based on the trader’s chart, it appears he’s suggesting that Cardano could go up to a price of around $15, a potential gain of around 1,820% from the current level.
ADA is trading at $0.781 at time of writing.
Turning to Bitcoin (BTC), the crypto analyst says that the flagship digital asset is facing stiff resistance at the price of $97,350. According to Martinez, Bitcoin is at risk of a steep fall if it corrects to around the $92,110 level.
“…support below $92,110 is weak, as there’s a gap between $90,000 and $70,000.”
Bitcoin is trading at $96,155 at time of writing.
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