The cryptocurrency market started the new week in red. However, there are also those who differ from the general market atmosphere. Popular crypto analyst Ali Martinez says 3 altcoin projects are ready for big moves. Accordingly, he predicts that if the leading altcoin exceeds $2,600, it may make a run towards $3,400. Also, the analyst is hopeful for DOGE and SUSHI. Technical analyst Victor Olanrewaju looks at the technical picture of these 3 tokens.
The target for the leading altcoin is $ 3,400!
cryptokoin.comAs you follow from , the market made a cautious start to the new week. While the leading crypto Bitcoin is trending horizontally on its daily chart, the leading altcoin is trading with a slight increase. However, analyst Ali Martinez predicts that Ethereum could make a big move to $3,400. Using the weekly chart, Martinez says ETH is breaking out of an ascending triangle. He also notes that short-term volatility will not stop the rally.
Recently, ETH has been showing signs of reaching $3,000. For example, the cryptocurrency rose as high as $2,700 last week before being rejected and falling below $2,600. At the time of writing, Bollinger Bands (BB) confirm the analyst’s view that volatility is high. The 4-hour chart also showed that the altcoin price may be ready to rebound.
This was because BB’s lower band touched $2,496, suggesting that the altcoin was oversold. If buying pressure increases once the price reaches $2,515, it is possible for ETH to see $3,000 as the first target. However, for ETH to achieve this, it will first need to overcome the $2,600 resistance. The RSI is about to break above the 50.00 midpoint. If this happens, it could confirm a possible rally of ETH towards $3,400.
Popular meme coin Dogecoin (DOGE) is also on the list
For Dogecoin, Martinez notes that Tom DeMark (TD) Sequential issued a buy signal that could push the altcoin price to $0.1. Based on his post, the analyst evaluates the 3-day chart. In this context, he notes that the $0.074 support for DOGE is key to the run.
Signals from the chart above suggest that the downtrend is exhausted around $0.08. The 4-hour chart confirms the analyst’s prediction that the $0.074 support is crucial for the crypto’s potential rise. For example, this same support is what influenced DOGE to rise to $0.1 between November 22, 2023 and December 6 of the same year.
However, it is important to note that Dogecoin may face some form of resistance at this point, making it difficult for it to trend higher. Additionally, the MACD showed that bearish momentum, although still present, has diminished. If the 12-day EMA (blue) breaks above the 26-day EMA (orange), the momentum will shift to the bullish side. Also, Chaikin Money Flow (CMF) is in positive territory. If CMF avoids falling into negative territory, the potential rise of the altcoin price could be confirmed.
Latest altcoin: SushiSwap (SUSHI)
Ali Martinez notes that SushiSwap’s situation is a little different. Looking at IntoTheBlock’s data, the analyst states that 82% of SUSHI holders are underwater. However, he applauds the project for its ongoing development behind the scenes.
In terms of price action, Martinez says SUSHI is undervalued. At the time of writing, the altcoin price is around $1.08. However, the interesting part is that it has increased by 96% in the last 90 days. The 4-hour SUSHI chart shows that the price increase in question has led to widespread profit taking. As a result, the price crashed down on January 8. The Aroon indicator also reveals that there is a lot of downward pressure on the token. Aroon Down (blue) is much higher at 92.86%. However, the status of this indicator may present a buying opportunity. However, this will not be easy for the bulls.
If this happens, it is possible for SUSHI to record a 30% increase as early as December 2023. Since the altcoin has the potential to rise to $1.30 in the short term, it makes sense for traders to keep it on their radar.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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