A closely followed crypto analyst and trader is warning that the payments token XRP is at risk of a massive collapse.
In a new post, crypto trader Ali Martinez tells his 133,300 followers on the social media platform X that XRP may be forming a bearish head-and-shoulders pattern (H&S) on the daily chart.
A head-and-shoulders pattern typically suggests that an asset is losing momentum and could reverse its uptrend if the price breaks below the structure’s support.
“XRP is shaping up a head-and-shoulders on the weekly chart. It spotlights the $2 support. Holding it is crucial.”
Looking at the trader’s chart, he seems to predict that XRP will fall to $1.255 if crypto bears shatter support at $2.
XRP is trading for $2.38 at time of writing, up 2.3% in the last 24 hours.
Next up, the analyst suggests Solana (SOL) may soar to the upper bound of an ascending channel after respecting the pattern’s diagonal support around $126.
An ascending channel is traditionally seen as a bullish pattern, indicating that an asset is printing higher highs and higher lows.
“Solana set to bounce? Eyeing a climb from the channel’s base to the upper resistance at $140.”
Solana is trading for $129 at time of writing, up 1% in the last 24 hours.
Lastly, the trader says the smart contract project Qtum (QTUM) may be gearing up for a huge corrective move if it moves below a key support level that has remained intact since November 2022.
“QTUM could be on the verge of a breakout! Keep an eye on the $1.88 support level.”
Based on the trader’s chart, he appears to predict that QTUM may plunge to as low as $0.63.
QTUM is trading for $2.23 at time of writing, up 4.2% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
