A closely followed crypto analyst says it’s time for altcoins to rally and predicts that one blue-chip memecoin will be a major beneficiary.
Pseudonymous analyst Rekt Capital tells his 461,000 followers on the social media platform X that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the 10 largest digital assets, is potentially gearing up for a bounce off the $250 billion level.
Based on his chart, the analyst appears to be initially targeting the $315 billion level before an eventual run to the old highs near $425 billion.
“Altcoin Market Cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway.”
Looking at specific altcoins, Rekt Capital says that Dogecoin (DOGE) has officially confirmed its macro uptrend after a healthy retest of the $0.12 level. The analyst’s chart suggests that the next major resistance levels sit at $0.20 and $0.278.
“Dogecoin has made a +30% recovery after successfully retesting the confluent area of support that is the blue Macro Downtrend and the black Range Low (orange circle area).
The Macro Downtrend is over.
But this has fully confirmed the new Macro Uptrend.”
At time of writing, DOGE is trading at $0.163.
As for Bitcoin (BTC), Rekt says the crypto king has potentially already found strong support around the $60,000 level.
“Looks like it was just a downside wick
Weekly Close just like this would confirm this pool of liquidity as secured support.”
At time of writing, Bitcoin is trading at $64,265.
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: Midjourney
Credit: Source link
