While the cryptocurrency market is recovering from its losses, analysts are hopeful for the future. Strong run predictions are coming especially for some altcoins. Popular analyst Ali Martinez expects an epic breakout from DOGE. Elsewhere, an analyst nicknamed Crypto Capo predicts that a rival to leading altcoin Ethereum will 2X.
Epic breakout scenario for Dogecoin (DOGE)
cryptokoin.comAs you follow from , the market took a heavy blow yesterday. However, his wounds soon began to heal. In this process, the original meme coin Dogecoin also lost serious ground. However, popular crypto analyst Ali Martinez predicts an epic breakout scenario for Dogecoin (DOGE). Dogecoin experienced lackluster price activity in April. Moreover, it closed the month down 40%. May also had a slow start for DOGE. Current Dogecoin price activity has attracted the attention of traders and analysts. Many are eagerly watching his moves to see what happens next.
According to crypto analyst Ali, Dogecoin’s price decline is typical of its behavior before major bull runs. Moreover, Dogecoin’s current 47% decline could be a healthy retracement. It is also possible that it could pave the way for a potential bull run in the midst of a breakout from the descending triangle formation. Characterized by lower highs and horizontal support levels, the descending triangle formation usually indicates a period of consolidation followed by a breakout. Considering Dogecoin’s history, it is possible that the breakout from this formation is particularly notable.
The analyst cites examples to support his view. In 2017, DOGE broke out of a descending triangle. The price then dropped 40% before entering a 982% bull run. Similarly, in 2021, Dogecoin broke out of a descending triangle. DOGE then lost ground by 56% before a massive rally of 12,197%.
Crypto bear opened a long position for this altcoin!
We usually know Crypto Capo for its bearish predictions. It has previously annoyed crypto investors, especially with its collapse predictions for Bitcoin. However, he has recently changed this stance. The analyst closed short positions in altcoins. Moreover, he is long on Solana (SOL), a rival of the leading altcoin Ethereum. The analyst states that he entered the transaction at $133. He also predicts that SOL will double in price. In this context, the analyst made the following statements accompanied by a chart:
LEFT: It has reached a key support level (S/R flip) and looks like a potential double bottom formation like many other altcoins. I entered a long position here. (…) Several people sent me screenshots showing incredible profits from SOL long positions. I am so grateful for your kind words thanking me. However, I noticed that the leverage some of you use is very high.
It can be seen from the analyst’s chart that his target is the upper limit of the green zone. Meanwhile, SOL was trading at $138.25 at the time of writing, up 6.7% on a daily basis.
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