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Home»ALTCOIN NEWS»Trader Peter Brandt said one Memecoin was flashing a ‘super-strong’ chart, predicting a price drop for XRP and Solana.
ALTCOIN NEWS

Trader Peter Brandt said one Memecoin was flashing a ‘super-strong’ chart, predicting a price drop for XRP and Solana.

By Crypto FlexsNovember 20, 20242 Mins Read
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Trader Peter Brandt said one Memecoin was flashing a ‘super-strong’ chart, predicting a price drop for XRP and Solana.
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Seasoned trader Peter Brandt believes that the recent price action of the top memecoin, Dogecoin (DOGE), looks incredibly bullish.

Brandt told his 751,800 followers on social media platform X that DOGE has broken two technical patterns on the weekly charts this year.

The veteran trader shares a chart that suggests DOGE has cleared the resistance level of the descending channel and inverse head and shoulders pattern.

“Super powerful chart.”

Source: Peter Brandt/X

A descending pattern is generally considered a bearish pattern unless the asset breaks the diagonal resistance of the structure. Meanwhile, the inverted head and shoulders structure is considered a bullish reversal pattern, which suggests that buyers are no longer waiting for an asset to revisit recent lows before entering the market.

Based on the trader’s charts, he appears to be predicting that DOGE will surge to his target of $0.734 after a pattern breakout. As of this writing, DOGE is worth $0.388.

Looking at cross-border payments solution XRP, Brandt says the altcoin is “ready to rip” through diagonal resistance that has kept the coin’s price in decline since 2018.

“Huge coils.
The 2023 high has now been cleared.
“If the 2021 high point ($1.60) is resolved, it will be (fireworks),” he said.

video
Source: Peter Brandt/X

As of this writing, XRP is trading at $1.10.

As for layer-1 protocol Solana (SOL), Brandt believes the altcoin is positioned to rise to its all-time high of $274.

“Often, prices fluctuate so much that the price of the change is relatively the same.”

video
Source: Peter Brandt/X

As of this writing, SOL is trading at $236.

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