Crypto analyst Ari Martinez believes the time is approaching when altcoins will surpass bitcoin (BTC), and Dogecoin (DOGE) could benefit from it.
Martinez told 71,900 subscribers on social media platform X that bitcoin's dominance (which tracks the market value of #BTC against other crypto assets) is now nearing the end of an ascending wedge, and a bearish setup will occur when prices fall below the support line. He noted that it is traditionally considered a bearish set-up when the price falls below the support line.
At the same time, Martinez noted that the OTHERS chart, which tracks all crypto assets except stablecoins and top-10 coins, is also coming out of a falling wedge pattern. The OTHERS chart is widely used as an indicator to track altcoin dynamics.
Martinez says,
the situation is getting interesting! Bitcoin's dominance is showing signs of breaking out of a rising wedge, while the market capitalization of #altcoins is breaking out of a falling wedge.
The altcoin season is just around the corner!
At the time of writing, OTHERS is worth $212.494 billion, well above the pattern resistance level.
Looking at #Dogecoin , the largest memcoin by market capitalization, Martinez says that #DOGE is also poised for growth.
analyst's opinion, Dogecoin is about to break out thanks to a trend reversal in the Relative Strength Index (RSI), which tracks the dynamics of the asset.
Dogecoin is ready for a bullish breakout! And one of the two conditions has already been met.
The RSI index has broken the downtrend line on the daily chart.
Now DOGE needs to break the resistance of $BTC At the time of writing, DOGE is trading at $0.107 USD.
As for Solana (SOL), Martinez says there is a risk of a further correction (40% potential to $85) if rival Ethereum (ETH) fails to break through the $ 154 level.
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