Seasoned trader Peter Brandt believes that the price action of top memecoin Dogecoin (DOGE) looks incredibly bullish as of late.
Brandt tells his 751,800 followers on social media platform X that DOGE has surpassed two technical patterns on the weekly chart this year.
The seasoned trader shares a chart suggesting DOGE has broken through the resistance levels of a descending channel and an inverse head-and-shoulders pattern.
“Super strong graphic.”
A downward trend is generally considered a downtrend unless an asset breaks the diagonal resistance of the structure. At the same time, an inverted head-and-shoulders pattern is considered a bullish reversal trend, suggesting that buyers are no longer waiting for the asset to return to recent lows before entering the market.
Based on the trader’s chart, he seems to predict that DOGE will reach its target of $0.734 after the trend breakouts. At the time of writing, DOGE is worth $0.388.
As for cross-border payment solution XRP, Brandt says the altcoin is “ready to rip” after breaking through diagonal resistance that has kept the coin bearish since 2018.
“Massive coil.
The 2023 high has now been crossed.
If the 2021 high ($1.60) is reached, then (fireworks).
At the time of writing, XRP is trading at $1.10.
As for the Solana layer 1 protocol (SOL), Brandt believes that the altcoin is in position to reach a new all-time high of $274.
“Often, prices move in fluctuations that are relatively equal in terms of price. »
At the time of writing, SOL is trading at $236.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of 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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