Cryptocurrency analyst updates outlook for BTC, clarifies monster price target for this altcoin.
Shows long-term outlook for this altcoin
A crypto analyst who bought Bitcoin from the bottom in November is updating his view on the road ahead for the leading cryptocurrency. The pseudo-analyst, whose alter ego is DonAlt, tells his 459,000 Twitter followers that BTC is at a crossroads.
DonAlt is also updating his views on Litecoin, which he bought for just under $55 in November. He says he is showcasing one of LTC’s favorite models. This chart pattern shows a slow, strong uptrend with almost no pullbacks on the daily chart.
When asked whether he would consider hedging his position or buying and selling LTC around $130, DonAlt said he wouldn’t know until he got there. However, the analyst has a long-term view of how high the altcoin can go. cryptocoin.comAccording to data, LTC is at $101.31, up 1.82% in the last 24 hours.
This altcoin is breathing
The crypto strategist is also closely watching the governance token of stablecoin-focused decentralized exchange Curve Finance (CRV). According to the trader, the CRV seems to be taking a breather before continuing the strong uptrend towards the $1.80 target.
Another altcoin on traders’ radar is Hedera (HBAR), a public network for peer-to-peer payments. The analyst thinks that HBAR will likely experience a decline before continuing its rally to $0.18.
Compound seems to explode
Martinez tweeted that COMP is currently passing through a descending triangle pattern of a symmetrical triangle forming on the four-hour chart of COMP/TetherUS Perpetual Futures on Binance.
The trader believes that if the buying pressure fluctuates, he can push the token price up by around 24% towards the $67 level. The main condition here is that COMP holds the $50 support.
#Compound appears to be breaking out!$COMP is currently slicing thought the descending trendline of a symmetrical triangle that developed on its 4hr chart. A spike in buying pressure could #COMP up 24% towards $67 as long as the $50 support holds. pic.twitter.com/LQ67jqalEE
— Ali (@ali_charts) February 7, 2023
Over the last 24 hours, the token in question has increased by around 9% overall and is now changing hands at $55.58. Currently, Bitcoin is also trading around 94% below its all-time high of $911 reached on May 12, 2021, after reaching a historic high.
COMP is a governance token used on Compound’s decentralized ledger. It ranks 103rd on the CoinMarketCap token scale with a market cap of $403,469,637 (up 5.86% in the last 24 hours). The trading volume of the token also increased by 21.93% to $42,212,246.
Analyst says Dogecoin is ready to rise
The global market cap of the cryptocurrency market is up 3.2% in the last 24 hours in hopes of cooler monetary policies. On the daily chart, Bitcoin (BTC) gained 1.6%, Ethereum (ETH) 2.8% and Dogecoin 1.6%. However, it looks like there may be even brighter days ahead for DOGE.
Dogecoin (DOGE) is gearing up for a rally, according to cryptocurrency trader and analyst ‘Rekt Capital’. The analyst emphasizes that DOGE has come out of the falling wedge. Rektcapital added that the popular dog-themed cryptocurrency has successfully retested the top of its falling wedge.
$DOGE has broken out from its Falling Wedge#DOGE also appears to have successfully retested the top of its Falling Wedge as support, to fully confirm the breakout
Technically, DOGE is well-positioned for upside
Now it's all about follow-through#BTC #Crypto #Dogecoin https://t.co/1YJvK9RkZR pic.twitter.com/AjDaM7s2XQ
— Rekt Capital (@rektcapital) February 6, 2023
A break from a falling wedge formation is a reversal pattern; after that, the price of an asset will likely move in an uptrend. Rekt Capital says the dog-themed cryptocurrency is in a recovery position. However, they added that ‘it’s all about follow-up’.
Will this meme coin fly with this pattern breaking?
The Shiba Inu was trading close to flat in Tuesday’s 24-hour trading session, in continued consolidation after gaining 30% between Feb. 1 and Saturday. Over the past three days, the volume of Shiba Inu has been falling, confirming the consolidation. The consolidation of crypto may be occurring within a bull flag pattern.
The Shiba Inu’s bull flag pattern began forming on February 1, the pole was formed between that date and Saturday, and the flag took shape during the trading days that followed. The model’s measured movement is 30%, which suggests the Shiba Inu could rise to $0.00001800, but if that happens, there will be pullbacks along the way.
The Shiba Inu is trading in a fairly consistent uptrend, with the latest low formed on February 7 at $0.00001120 and the latest high was printed at $0.00001590 on Saturday. If the Shiba Inu breaks out of the bull flag pattern in the next few days, Tuesday’s low could serve as the next low in the pattern.
Continued consolidation before a potential spike will be healthy for the Shiba Inu as crypto’s relative strength index (RSI) has been measuring over 70% since Feb. It can be a sell signal for technical traders.
