A closely followed crypto analyst and trader warns that the payment token XRP risks a massive collapse.
In a new post, Crypto Trader Ali Martinez tells His 133,300 followers on the social media platform X that XRP can form a baisse-like head-and-axis pattern (H&S) on the daily diagram.
A pattern with head and shoulders usually suggests that an asset loses speed and can turn its upward if the price breaks under the structure’s support.
“XRP shapes a head-and-axis on this week’s diagram.
When he looks at the nutritional diagram, he seems to predict that XRP will fall to $ 1,255 if Crypto Bears bursts for $ 2.
XRP deals for $ 2.38 in writing, an increase of 2.3% over the past 24 hours.
Next up, the analyst propose Solana (Solar) can float to the upper limit of a rising channel after respected the diagonal support of the pattern around $ 126.
A rising channel is traditionally seen as a haus -shaped pattern, indicating that an asset pushes higher heights and higher lowness.
“Solana started bouncing?
Soana deals for $ 129 in writing, up 1% over the past 24 hours.
Finally the trader says SMART CONTRACT PROJECT QTUM (Qat) may be adapted to a huge corrective feature if it moves below a key support level that has remained intact since November 2022.
“Qtum may be on the verge of a breakout!
Based on the nutritional diagram, he seems to predict that QTUM can throw to as low as $ 0.63.
Qtum is traded for $ 2.23 at the time of writing, an increase of 4.2% over the past 24 hours.
Generated Picture: Midjourney