Bitcoin is surging towards an all-time high. However, some altcoin projects have bullish formations against it, according to analyst Valdrin Tahiri. The analyst predicts that the 3 altcoins he selected will outperform BTC in March.
Solana (SOL): Altcoin price bounces from support
The weekly timeframe view shows SOL rising rapidly since it broke out of the long-term descending resistance trend line and was confirmed as support (green icon) in September 2023. The increase led to a high of ₿0.0029 in December 2023. Although SOL fell slightly after the high, it bounced around the ₿0.0020 sideways area this week.
The wave count indicates the completion of the fourth wave. Elliott Wave theory involves analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. According to wave counting, SOL price has just started the fourth wave. Thus, it will rise another 100% to the next resistance at ₿0.0040.
Despite the bullish SOL price prediction, in case of a close below the ₿0.040 area, the count becomes invalid. Thus, it could trigger a 45% decline to the nearest support at ₿0.0011.
Dogecoin (DOGE): Forming a bullish divergence
Dogecoin price has fallen below a descending resistance trend line since October 2022. The decline decreased to 157 satoshis this week. However, DOGE price bounced and formed a major weekly bullish candlestick. If the weekly close holds, DOGE will break out of the descending resistance trend line that has existed for 490 days. There was a bullish divergence in the RSI before the bounce. Traders use the RSI as a momentum indicator to assess whether a market is overbought and whether an asset should be accumulated or sold.
If the RSI value is above 50 and the trend is upward, the bulls still have the advantage. However, if the value is below 50, the opposite is true. A bullish divergence occurs when a price decline is accompanied by an increase in momentum. It usually causes an uptrend reversal. If DOGE confirms the breakout, a 35% rise to the next resistance at 270 satoshis is possible.
Despite the bullish DOGE price forecast, failure to break could lead to a 50% drop to the nearest support at 100 satoshis.
The Graph (GRT): Altcoin is on the verge of a breakout!
The last altcoin that will outperform BTC is GRT. GRT price broke out of a descending resistance trend line that existed since the all-time high. After bouncing at the trend line (green icon), GRT started an upward move that resulted in a break above the 450 satoshi resistance area. The breakout was justified by combining with an RSI rise above 50. Therefore, if the upward movement continues, it is possible for GRT to increase by another 90%. Thus, it will reach the next resistance at 900 satoshis.
Despite the bullish GRT price forecast, a close below the 450 satoshi support area could lead to a 45% drop to the resistance trend line at 280 satoshis.
The predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We recommend that you do your own research before investing.
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