Crypto analyst Ali Martinez says the time for altcoins to outperform Bitcoin (BTC) is fast approaching, and Dogecoin (DOGE) may stand to benefit.
Martinez tells his 71,900 followers on social media platform if the price falls below the limit. supporting line.
At the same time, Martinez says 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 is a commonly used index to track the performance of altcoins.
Says Martinez,
“It’s going to be interesting! Bitcoin’s dominance is showing signs of a possible breakout from a rising wedge, while the altcoin market cap is breaking out of a falling wedge.
Altcoin season is just around the corner!”
At the time of writing, OTHERS is valued at $212.494 billion, well above the pattern’s resistance.
Looking at Dogecoin, the largest memecoin by market cap, Martinez says DOGE is also gearing up for rallies.
According to the analyst, DOGE is poised to breakout alongside a trend reversal for the relative strength index (RSI), which tracks an asset’s momentum.
“Dogecoin is gearing up for a bullish breakout! And one of two conditions is met:
The RSI broke the declining trend line on the daily chart.
Now we need DOGE to break past the $0.11 resistance!”
At the time of writing, DOGE is trading at $0.107.
As for Solana (SOL), Martinez says the Ethereum (ETH) rival risks a further correction – possibly a 40% dip to $85 – if it cannot break the $154 level.
“Solana needs to break through $154 quickly as rejection at this level could trigger a correction, with $85 as the next key support.”
At the time of writing, SOL is worth $146.49.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
