Trader and analyst Ali Martinez says the technicals for two altcoins are looking bullish as the total crypto market cap reaches a 19-month high.
Starting with Polygon (MATIC) rival Optimism (OP), Martinez tells his 38,100 followers on the social media platform X that the Ethereum layer-2 crypto project has formed an ascending parallel channel on the three-day chart and is in “price discovery mode”.
An ascending parallel channel pattern is formed when the price of an asset is contained within three parallel trend lines. When price moves below the middle line of an ascending parallel channel pattern, it is typically considered to be a bearish move. When price moves above the middle line of the ascending parallel channel pattern, it is typically considered to be bullish.
“With this pattern in play, OP might be setting its sights on the channel’s upper boundary, potentially targeting around $6.”
