Crypto analyst Ali Martinez believes that the moment for altcoins to surpass Bitcoin (BTC) is quickly approaching, with Dogecoin (DOGE) likely to gain from this shift.
Martinez informs his 71,900 followers on the social media platform X that Bitcoin dominance – which measures the market capitalization of BTC compared to other crypto assets – is now approaching the conclusion of an upward wedge, often interpreted as a bearish indication if the price dips under the support line.
At the same time, Martinez notes that the OTHERS chart – which monitors all crypto assets excluding stablecoins and the top 10 coins – is breaking free from a descending wedge pattern. The OTHERS chart is a commonly utilized index for tracking altcoin performance.
Martinez states,
“The situation is getting intriguing! Bitcoin dominance is exhibiting potential signs of a breakdown from a rising wedge, while the altcoin market cap is breaking out of a falling wedge.
Altcoin Season is just around the corner!”
As of now, OTHERS is valued at $212.494 billion, significantly above the pattern’s resistance.
In regard to Dogecoin, the leading memecoin by market cap, Martinez indicates that DOGE is also preparing for upward movements.
According to the analyst, DOGE is on the verge of breaking out, coinciding with a trend reversal for the relative strength index (RSI), which gauges an asset’s momentum.
“Dogecoin is poised for a bullish breakout! And one of the two criteria has already been met:
The RSI has broken the descending trendline on the daily chart.
Now we need DOGE to surge past the $0.11 resistance!”
Currently, DOGE is trading at $0.107.
Regarding Solana (SOL), Martinez warns that the Ethereum (ETH) competitor may face further decline – potentially a 40% drop to $85 – if it fails to surpass the $154 level.
“Solana needs to break through $154 soon as a rejection at this level could trigger a correction, with $85 as the next significant support.”
At the latest update, SOL is priced at $146.49.
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