Crypto analyst Ali Martinez raises concerns about potential downturn for XRP and three other altcoins
Crypto analyst Ali Martinez has raised concerns about a potential downturn for XRP and three other altcoins, warning that they may experience a sudden drop.
Sharing his insights with his followers on the platform X, Martinez points to technical indicators suggesting weakness in these assets. Martinez believes that XRP could be forming a head-and-shoulders (H&S) pattern on the daily chart, a bearish setup that signals a loss of upward momentum. This pattern often indicates that the asset is struggling to sustain its previous highs, raising the risk of a sharp decline.
The analyst also highlights similar risks for Ethereum Classic (ETC), Yearn.Finance (YFI), and Bitcoin Cash (BCH), noting that these altcoins are at risk of losing key support levels.
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However, not all the news is bearish. Martinez also points out that the Tom DeMark (TD) Sequential indicator is signaling potential bullish reversals for Algorand (ALGO) and Stellar (XLM). This technical indicator, used to spot trend changes, has flashed a buy signal on the weekly charts for both assets. Martinez suggests that ALGO could see an upward move from here. Similarly, he predicts that XLM could rise by more than 46%, potentially reaching between $0.34 and $0.38 if the bullish signal plays out.
With these mixed signals, traders are keeping a close watch on these key levels to gauge the market’s next moves, as both downside risks and potential recoveries appear possible.
Alexander Stefanov
