Seasoned trader Peter Brandt believes that the price action of top memecoin Dogecoin (DOGE) is looking incredibly bullish lately.
Brandt tells his 751,800 followers on the social media platform X that DOGE has broken two technical patterns on the weekly chart this year.
The veteran trader shares a chart indicating that DOGE has breached the resistance levels of a descending channel and an inverse head-and-shoulders pattern.
“Super strong card.”
A bearish pattern is generally considered a bearish pattern unless an asset shatters the structure’s diagonal resistance. Meanwhile, an inverted head-and-shoulders structure is considered a bullish reversal pattern, indicating that buyers are no longer waiting for the asset to revisit recent lows before entering the market.
Based on the trader’s chart, he seems to predict that DOGE will rise to its $0.734 target after the pattern breaks. At the time of writing, DOGE is worth $0.388.
Looking at cross-border payment solution XRP, Brandt says the altcoin is “ready to rip” after bursting through a diagonal resistance that has kept the coin bearish since 2018.
“Huge reel.
2023 high now cleared.
If the 2021 high ($1.60) is reached, then [fireworks].”
At the time of writing, XRP is trading at $1.10.
As for the layer-1 protocol Solana (SOL), Brandt believes the altcoin is positioned to rise to a new all-time high of $274.
“Often the price moves in fluctuations, with the fluctuations being relatively equal in price.”
At the time of writing, SOL is trading at $236.
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Generated image: Midjourney