Crypto Analyst Ali Martinez Says Altcoin Season Is Approaching, Dogecoin (DOGE) Set to Benefit
- Barbara StreisandOriginal
- 2024-09-23 21:36:161147browse
Martinez tells his 71,900 followers on the social media platform X that Bitcoin dominance – which tracks the market cap of BTC versus the rest of crypto assets – is currently nearing the end of a rising wedge
Crypto analyst Ali Martinez believes that altcoins are poised to outshine Bitcoin (BTC) in the near future, with Dogecoin (DOGE) positioned to reap the benefits.
With 71,900 followers on the social media platform X, Martinez points out that Bitcoin dominance, which measures the market cap of BTC relative to other crypto assets, is nearing the apex of a rising wedge, a formation typically viewed as bearish if the price breaks below the support line.
At the same time, Martinez notes that the OTHERS chart, which tracks all crypto assets excluding stablecoins and the top 10 coins, is breaking out of a falling wedge pattern. The OTHERS chart serves as a common index for tracking the performance of altcoins.
According to Martinez,
“Things are getting interesting! Bitcoin dominance is showing signs of a potential breakdown from a rising wedge, while the altcoin market cap is breaking out of a falling wedge.
Altcoin Season is just around the corner!”
OTHERS is currently valued at $212.494 billion, having broken out of the pattern’s resistance.
Shifting his focus to Dogecoin, the largest memecoin by market capitalization, Martinez observes that DOGE is also setting up for rallies.
The analyst notes that DOGE is on the cusp of a breakout, accompanied by a trend reversal for the relative strength index (RSI), which gauges an asset’s momentum.
“Dogecoin is gearing up for a bullish breakout! And one of the two conditions has been achieved:
The RSI broke the descending trendline on the daily chart.
Now we need DOGE surging past the $0.11 resistance!”
At the time of writing, DOGE is trading at $0.107.
As for Solana (SOL), Martinez highlights that the Ethereum (ETH) competitor may face further correction, possibly a 40% drop to $85, if it fails to cross the $154 level.
“Solana needs to break through $154 soon because rejection at this level might trigger a correction, with $85 as the next key support.”
At the time of writing, SOL is trading at $146.49.
The above is the detailed content of Crypto Analyst Ali Martinez Says Altcoin Season Is Approaching, Dogecoin (DOGE) Set to Benefit. For more information, please follow other related articles on the PHP Chinese website!