Crypto analyst predicts bullish breakout for a decentralized cryptocurrency

Crypto analyst predicts bullish breakout for a decentralized cryptocurrency

Cryptocurrency analyst and trader Ali Martinez predicts that a decentralized cryptocurrency exchange (DEX) altcoin will have a breakthrough in the near future. Martinez tells his 49,400 followers on social media platform GMX is trading at $56.13 at the time of writing and has lost almost 5% in the last 24 hours.

Furthermore, the trader suggests that the smart contract protocol Cardano (ADA) still has further upside potential. The uptrend in Cardano appears to be healthy as there is a notable increase in daily active ADA addresses, transaction volumes, and transactions from ADA whales. This increasing activity suggests strong network participation and investor demand, positive indicators of further growth. Cardano is trading at $0.77 at the time of writing and has gained more than 6% in the last 24 hours.

Finally, the trader warns that Bitcoin (BTC) could fall as low as $51,500 if it breaks below $61,000. To identify the important support levels, he uses Bitcoin’s URPD, or UTXO (Unspent Transaction Output) Realized Price Distribution. Over 500,000 BTC traded in the $61,100-$61,800 range, creating a significant support zone. If Bitcoin stays above this threshold, it is poised to rise towards $65,900. However, if it breaks below the support, there could be a correction that takes it to $56,970 or even $51,500. Bitcoin is trading at $67,481 at the time of writing and has gained more than 7% in the last 24 hours.

The following table lists the current prices and price changes of the mentioned cryptocurrencies:

It should be noted that the information provided here is based on Ali Martinez's statements and does not constitute a guarantee for future price developments or investment decisions. Investors should do their own research and consider risks before investing in cryptocurrencies.

Summary:

• Der Trader Ali Martinez prognostiziert einen Durchbruch für die DEX Altcoin GMX, da er ein bullisches Trendumkehrmuster erkennt.
• Martinez sieht weiterhin Aufwärtspotenzial für das Smart Contract-Protokoll Cardano (ADA) aufgrund des Anstiegs der täglichen aktiven Adressen, des Transaktionsvolumens und der Transaktionen von ADA-Walen.
• Bei Bitcoin (BTC) warnt der Trader davor, dass ein Bruch unter 61.000 US-Dollar zu einem Fall auf bis zu 51.500 US-Dollar führen könnte.

Tabel: