Cardano

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 <p>Crypto analyst and trader Ali Martinez is predicting that a decentralized exchange (DEX) altcoin will soon have a breakout.</p>
 <p>Martinez tells his 49,400 followers on the social media platform X that GMX seems to be forming a bullish <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> reversal pattern that could send it soaring more than 60% from the current value.</p>
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 <p><em>“GMX is forming a [inverse] head-and-shoulders pattern on the daily chart. A sustained daily candlestick close above $60 could trigger a 48.50% bullish breakout that sends GMX toward $90!”</em></p>
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    <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHq8CODXgAA80q-?format=jpg&amp;name=medium" alt="Image" width="1200" height="806">
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      Source: Martinez/X
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 <p>GMX is trading for $56.13 at time of writing, down nearly 5% in the last 24 hours.</p>
 <p>Next up, the trader suggests smart contract protocol Cardano (ADA) has more upside potential.</p>
 <p><em>“The up<a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> in Cardano appears healthy! There’s a notable rise in daily active ADA addresses, transaction volume, and transactions from ADA whales. This increasing activity signifies strong network engagement and investor interest, positive indicators for continued growth.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHq79LrXwAAatRk?format=jpg&amp;name=medium" alt="Image" width="1200" height="541">
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   Source: Martinez/X
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 <p>Cardano is trading for $0.77 time of writing, up more than 6% in the last 24 hours.</p>
 <p>Lastly, the trader warns that if Bitcoin (BTC) breaks below $61,000, it could dip to as low as $51,500. To identify the key support levels he uses Bitcoin’s URPD, or UTXO (unspent transaction output) realized price distribution, which keeps track of the number of existing coins that last moved within a given price range.</p>
 <p><em>“Over 500,000 BTC have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If Bitcoin remains above this threshold, it’s poised to climb towards $65,900, given the minimal resistance ahead. Conversely, should BTC dip below support, a correction could lead it down to $56,970 or even $51,500.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHv8EK2W8AEl9na?format=jpg&amp;name=4096x4096" alt="Image" width="2406" height="1296">
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   Source: Martinez/X
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 <p>Bitcoin is trading for $67,481 at time of writing, up more than 7% in the last 24 hours.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trader-predicts-breakout-rally-for-under-the-radar-altcoin-says-cardano-ada-uptrend-looks-healthy-tbt81710.html">https://thebittimes.com/trader-predicts-breakout-rally-for-under-the-radar-altcoin-says-cardano-ada-uptrend-looks-healthy-tbt81710.html</a></p>

Trader Predicts Breakout Rally for Under-the-Radar Altcoin, Says Cardano (ADA) Uptrend Looks Healthy

TheBitTimes

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