A prevailing chart pattern indicates that an Ethereum layer-2 scaling solution, Polygon, might experience a colossal surge of 2,400%. Prominent cryptocurrency analyst Ali Martinez, with a substantial following of 105,800 on X, reveals that since 2021, Polygon has been shaping a multi-year descending triangle.
This pattern highlights the lower highs converging towards robust horizontal support at $0.285, creating a textbook setup for a possible breakout.
If Polygon manages a close above the descending resistance line at $0.69, significant movement could follow. According to the triangle's design, a breakout might aim for $12, contingent on a resistance-level close.
Currently, MATIC is trading at $0.453, having diminished by nearly 5% over the previous 24 hours. Ranking 127th by market cap, it draws attention. Meanwhile, Martinez observes an increase in Bitcoin’s (BTC) taker buy/sell ratio on OKX, signaling a rise in assertive buying activity. This suggests an imminent upward momentum.
The taker buy/sell ratio measures the long versus short volumes within the derivatives market. Martinez points out that Bitcoin confronts significant resistance between $95,090 and $99,800, a zone where 2.4 million wallets acquired over 2.28 million BTC.
Currently, BTC is trading at $91,628, down nearly 2% in the past day.
In addition, Martinez updates his forecast for Dogecoin (DOGE), the leading meme cryptocurrency. Enthusiasts of fractals, he mentions, might enjoy Dogecoin's potential ascent from $4 to as much as $23. At present, DOGE trades at $0.31, experiencing a decline of more than 2.5% in the last 24 hours.