A popular crypto strategist says a trio of altcoins are in the process of taking out key resistance levels on the weekly or monthly time frame.
Pseudonymous analyst Rekt tells his 329,100 Twitter followers that Ethereum (ETH) has managed to breach the diagonal resistance that has kept bulls at bay since ETH rallied above $2,000 in August.
“ETH has enjoyed a bullish weekly close beyond the lower high trendline resistance (black).
As a result, ETH could soon dip into the trendline for a retest attempt so as to fully confirm this as a breakout move.
Confirmed breakout -> ~$1,700-$1,880 (orange).”
Looking at the analyst’s chart, Ethereum could rally to as high as $2,275 if it confirms the breakout around $1,800. At time of writing, ETH is valued at $1,585.
Next up is Ethereum rival Cardano (ADA). According to the crypto strategist, ADA is in the process of reclaiming the key price level around $0.40 as support. Should ADA bulls succeed, Rekt says Cardano could witness a significant rally toward his target of $0.48.
“Technically, ADA weekly closed below the bottom red trendline resistance last week.
However, this current weekly candle has the potential to reclaim the trendline as support.
As long as ADA holds here, it could enable an intra-pattern move of up to +20%.”
At time of writing, ADA is trading at $0.40.
Another coin on the trader’s list is leading meme token Dogecoin (DOGE). Rekt says that DOGE’s recent surge has allowed the popular memecoin to end a downtrend that lasted more than 16 months. At this point, the crypto analyst says that DOGE is one resistance away ($0.141) from igniting an over 40% rally to his target of $0.20.
“DOGE broke a 500+ day macro downtrend recently Dogecoin is below monthly resistance (green).
Of course, reclaiming green as support would enable an extra rally of +43% to ~$0.20 (blue).
But as long as DOGE stays below green, a stronger rejection could occur.”
At time of writing, Dogecoin is swapping hands for $0.14, up nearly 14% on the day.
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Source: https://dailyhodl.com/2022/11/02/breakouts-underway-for-ethereum-cardano-and-dogecoin-says-top-analyst-here-are-his-price-targets/