A popular crypto analyst thinks chart patterns suggest one non-fungible token (NFT)-related altcoin is primed to surge in price.
The digital asset trader Ali Martinez tells his 161,200 X followers that PENGU, the native token of the Pudgy Penguins NFT collection, just broke out of a falling wedge pattern.
A falling wedge breakout is a technical analysis pattern that is used to identify potential bullish reversals in an asset’s price. The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart. As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening. When the price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish.
Martinez says PENGU could surge to $0.026. With the asset trading at $0.0224 at time of writing, that would represent an increase of more than 16%.
The analyst also notes that “key support is holding” for the decentralized finance (DeFi) layer-1 blockchain Sei (SEI).
“If buyers step in, the next targets are $0.31 and $0.44.”
SEI is trading at $0.206 at time of writing.
Conversely, Martinez notes that the TD Sequential Indicator, a tool that identifies potential trend exhaustion and price reversal points by counting a sequence of price bars, flashed a sell signal for the payments altcoin XRP.
XRP is trading at $2.68 at time of writing.
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