Seasoned trader Peter Brandt believes that top memecoin Dogecoin’s (DOGE) price action as of late looks incredibly bullish.
Brandt tells his 751,800 followers on the social media platform X that DOGE has broken out of two technical patterns on the weekly chart this year.
The veteran trader shares a chart suggesting that DOGE has cleared the resistance levels of a descending channel and an inverse head-and-shoulders pattern.
“Super strong chart.”
A descending pattern is typically viewed as a bearish pattern unless an asset shatters the structure’s diagonal resistance. Meanwhile, an inverse head-and-shoulders structure is considered a bullish reversal pattern, suggesting 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 soar to his target at $0.734 following the pattern breakouts. At time of writing, DOGE is worth $0.388.
Looking at the cross-border payment solution XRP, Brandt says the altcoin is “ready to rip” after blasting through a diagonal resistance that has kept the coin bearish since 2018.
“Massive coil.
2023 high now cleared.
If 2021 high ($1.60) is cleared, then [fireworks].”
At time of writing, XRP is trading for $1.10.
As for the layer-1 protocol Solana (SOL), Brandt believes the altcoin is in a position to rally to a new all-time high of $274.
“Oftentimes price moves in swings whereby the swings are relatively equal in price.”
At time of writing, SOL is trading for $236.
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Generated Image: Midjourney
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