The cryptocurrency market is generally trading in the red zone on the first day of the new year. Although there is a sense of stagnation in the market at the moment, analysts expect new runs to begin in the future. A famous crypto analyst expects Dogecoin (DOGE Coin) to make a big rise for an important reason. In addition, bullish movements are predicted for XRP and LINK.
Ali Martinez Expects 6,770% Rise for DOGE Coin!
While the market is currently in a lull, analyst Ali Martinez says that Dogecoin’s price could rise to $17.76 if it follows a historical price pattern. On this point, the analyst adds: “If Dogecoin stays true to its ascending parallel channel pattern, we could see a 6,770% rally!” An ascending parallel channel formation is a structure that indicates an asset is in a bullish trend and is making higher highs and higher lows. Currently, DOGE Coin is trading at $0.317, up 251% in the past year.
Ali Martinez Gives a Bullish Signal for Chainlink (LINK)
Ali Martinez also draws attention to the decentralized oracle project Chainlink (LINK). According to the analyst, the TD (Sequential) Sequential Indicator for LINK is giving a bullish signal. Traders use the TD Sequential Indicator to predict potential trend reversals for an asset based on past closing prices. “TD Sequential is giving a buy signal for Chainlink on the 12-hour chart, predicting a price recovery!” the analyst notes. Meanwhile, LINK is trading at $20.71, up 1.91% in the last 24 hours.
XRP Expects Major Price Move
Finally, the analyst also focuses on Ripple’s native token XRP. Martinez says that XRP is preparing for a major breakout based on the Bollinger Bands indicator. Traders use Bollinger Bands to identify overbought or oversold conditions and to spot potential volatility expansions. “The Bollinger Bands are tightening on the daily chart of XRP. This indicates that a major price move is about to begin!” the analyst comments. XRP is trading at $2.24, up 7.50% in the last 24 hours.