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Technical analyzes point to high for Dogecoin, XRP and Solana
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Veteran trader Peter Brandt shared bullish analysis on the recent price movement of Dogecoin (DOGE), XRP, and Solana (SOL), highlighting technical patterns that could indicate strong future valuations.
According to Brandt, Dogecoin has broken two technical patterns on the weekly chart throughout 2024. This could signal bullish momentum for memecoin. The trader stated that the asset surpassed both the resistance of a descending channel and the inverted head-shoulder pattern, known to indicate a bullish trend reversal.
Brandt shared a chart that suggests DOGE could reach a price of $0.734 based on these breakouts. Currently, the asset is trading at US$0.388, with a daily decline of 1.4%.
Highlighted technical patterns indicate that buyers may be gaining strength and halting the downward movement. Historically, this has driven the price of Dogecoin in bull cycles.
Dogecoin breaks resistance patterns
Regarding XRP, the analysis showed that the cryptocurrency overcame diagonal resistance that had been limiting its price since 2018. According to Brandt, this leaves the asset ready for significant gains, especially if the price surpasses the 2021 high, set at US$1, 60.
He described the XRP chart as a “big windup” and highlighted that the recent breakout of resistance could trigger a significant rally. At the time of analysis, XRP was trading at $1.13, up 1.5% in the last 24 hours, according to CoinGecko.
Finally, Brandt also said he believes Solana is positioned to reach a new all-time high of $274. He based his projection on price behavior in “even swings,” which often indicate the continuation of uptrends.
At the time of analysis, SOL price was at $237, with a daily drop of 3.2%. The current price suggests further upside potential if technical patterns are confirmed.
Technical analyzes point to high for Dogecoin, XRP and Solana
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Technical analyzes point to high for Dogecoin, XRP and Solana
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Technical analyzes point to high for Dogecoin, XRP and Solana
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Technical analyzes point to high for Dogecoin, XRP and Solana
