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.”
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.
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.”
As of this writing, SOL is trading at $236.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney