Cryptocurrency analyst Ali Martinez says the time is fast approaching when altcoins will outperform Bitcoin (BTC), and Dogecoin (DOGE) could be the one to benefit.
Martinez told his 71,900 followers on social media platform X that Bitcoin dominance (a measure of BTC’s market cap relative to the rest of the crypto) is currently nearing the end of a rising wedge, as a price break below a support level is traditionally considered a downtrend.
At the same time, Martinez says the OTHERS chart, which tracks all crypto assets except stablecoins and the top 10 coins, is breaking out of a falling wedge pattern. The OTHERS chart is a widely used index to track the performance of altcoins.
Martinez says:
“Things are getting interesting! Bitcoin dominance is showing signs of potentially breaking out of a rising wedge, while 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 line.
Looking at Dogecoin, the largest memetic coin by market cap, Martinez says DOGE is also gearing up for a rally.
According to analysts, DOGE is set to break out alongside a trend reversal in the Relative Strength Index (RSI), which tracks the asset’s momentum.
“Dogecoin is preparing for a bullish breakout! And one of two conditions has been met.
RSI broke through the downtrend line on the daily chart.
Now DOGE needs to break the $0.11 resistance level!”
At the time of writing, DOGE is trading at $0.107.
For Solana (SOL), Martinez said that if the Ethereum (ETH) competitor fails to break above the $154 level, there is a risk of further correction, potentially leading to a 40% drop to $85.
“Solana needs to break $154 soon. A rejection at this level could trigger a correction, with the next major support level at $85.”
At the time of writing, SOL was worth $146.49.
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