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A chart pattern suggests one altcoin operating on the real-world assets (RWA) crypto sector looks ready for an upside burst, according to a popular analyst.
The trader Ali Martinez tells his 118,700 followers on the social media platform X that the RWA project Ondo Finance (ONDO) “appears to be breaking out of a bull flag.”
A bull flag is typically viewed as a bullish pattern, suggesting that an asset is consolidating before kicking off on a new rally.
Martinez says the bull flag suggests ONDO could be targeting $3.40, which would represent a 141% increase.
ONDO is trading at $1.41 at time of writing. The 37th-ranked crypto asset by market cap is up more than 6% in the past 24 hours.
The crypto analyst also says that historical trends related to Bitcoin (BTC) halvings suggest a bear market could begin between May and October of this year. A Bitcoin halving is a highly anticipated event that slashes BTC miner rewards in half.
Martinez also notes nearly $5 billion in BTC profits were realized on Thursday alone.
BTC is trading at $104,947 at time of writing. The top-ranked crypto asset by market cap is up by more than 1% in the past 24 hours.
Martinez also notes that crypto whales sold more than 180 million of Cardano (ADA) over the past week.
The Ethereum (ETH) rival is trading at $0.973 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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