TL;DR
- With bitcoin coming just a few grand from charting a new all-time high this week, many altcoins posted impressive gains even though they are still far from their respective peaks.
- However, popular crypto analyst Ali Martinez laid out scenarios where three of the most popular ones can register notable gains in the near future.
Let’s begin with the world’s fourth-largest cryptocurrency. It has been trading sideways for months, with a few unsuccessful breakout attempts in both directions. However, it has gained over 6% in the past week and even challenged $2.3 yesterday.
Although it failed there and was driven south to $2.24 as of press time, Ali Martinez outlined a scenario in which XRP can finally break through its consolidation range and shoot up to $2.65. To do so, though, it needs to validate the inverse head and shoulders pattern with a price close above $2.32.
The analyst believes the OG meme coin has even more growth potential. Dogecoin’s ability to remain north of $0.16 paves the way for a price surge to $0.24, which would represent a 50% price pump if it materializes.
Lastly, Martinez touched upon Cardano’s native token, which appears to be in the most unfavorable position. This is because it currently trades at $0.58 after a retracement on a daily scale, and it needs to stage a 15% surge to climb to Martinez’s rally-starting point of $0.67.
Only then, the analyst noted, ADA can skyrocket further by another 25-35% to reach the aforementioned targets of up to $0.91.
