Crypto analyst Ali Martinez says that the time for altcoins to outperform Bitcoin (BTC) is fast approaching, with Dogecoin (DOGE) perhaps set to benefit.
Martinez tells his 71,900 followers on the social media platform X that Bitcoin dominance – which tracks the market cap of BTC versus the rest of crypto assets – is currently nearing the end of a rising wedge, traditionally viewed as a bearish setup if price breaks below the support line.
Simultaneously, Martinez says the OTHERS chart – which tracks all crypto assets excluding stablecoins and the top 10 coins – is breaking out of a falling wedge pattern. The OTHERS chart is a widely used index to track the performance of altcoins.
Says Martinez,
“Things are getting interesting! Bitcoin dominance is showing signs of a potential breakdown from a rising wedge, while the altcoin market cap is breaking out of a falling wedge.
Altcoin Season is just around the corner!”
At time of writing, OTHERS is valued at $212.494 billion, well above the pattern’s resistance.
Looking at Dogecoin, the biggest memecoin by market cap, Martinez says DOGE is also setting up for rallies.
According to the analyst, DOGE is about to break out alongside a trend reversal for the relative strength index (RSI), which tracks an asset’s momentum.
“Dogecoin is gearing up for a bullish breakout! And one of the two conditions has been achieved:
The RSI broke the descending trendline on the daily chart.
Now we need DOGE surging past the $0.11 resistance!”
At time of writing, DOGE is trading for $0.107.
As for Solana (SOL), Martinez says the Ethereum (ETH) rival risks further correction – potentially a 40% dip to $85 – if it can’t breach the $154 level.
“Solana needs to break through $154 soon because rejection at this level might trigger a correction, with $85 as the next key support.”
At time of writing, SOL is worth $146.49.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Source: https://dailyhodl.com/2024/09/23/trader-says-altseason-is-just-around-the-corner-updates-outlook-on-dogecoin-and-solana/