Altcoins
Is it time for Altcoins to shine? Expert Predicts Bullishness for DOGE as BTC Finds Solid Ground
In a recent prediction, a prominent cryptocurrency expert predicted a rise in altcoins, with Dogecoin (CRYPTO: DOGE) likely to witness significant gains.
What happened: The cryptocurrency expert, known as Capital Rekt, shared his predictions with his 461,000 followers on a social media platform, the Daily Hodl reported Monday. He suggested that the OTHERS chart, which tracks the market capitalization of all cryptocurrencies excluding the top 10, is likely preparing for a rebound from the $250 billion mark.
Rekt Capital’s chart indicates an initial target of $315 billion, followed by a potential increase towards previous peaks near $425 billion.
He stated: “Altcoin market cap still holds $250 billion as support, positioning itself for a future upward movement through the black path.”
See also: EcoAi Coin: A Sustainable Digital Token for a Greener Planet
Specifically for Dogecoin, the expert confirmed a bullish macro trend after a successful retest of the $0.12 level. The chart indicates that the next major resistance levels are at $0.20 and $0.278.
Rekt Capital also shared its views on Bitcoin (CRYPTO:BTC), suggesting that the cryptocurrency king may have already found solid support around the $60,000 level.
Because matter: Rekt Capital’s forecast follows a similar prediction from the crypto analyst Michael van de Poppe, which predicted a strong rally in altcoin markets amid disappointing US economic data. Van de Poppe suggested that the Federal Reserve’s potential response to the underperforming labor market could trigger a rally in risk assets.
Victor, a pseudonymous researcher focused on decentralized finance, noted that altcoins outperformed Bitcoin during the recent market downturn. Viktor proposed two possible scenarios: altcoins could see a significant decline in the next down move, or they may not have many sellers left compared to Bitcoin due to the April 12-13 liquidation cascades.
Price Action: On Monday, DOGE was trading at $0.159 while BTC was trading at $63,564.40 at the time of writing, according to Benzinga Pro.
Read next: Shiba Inu ‘Dogecoin Killer’ Burn Rate Increases 800% Amid New Margin Pairs Listing on Kraken
Image via Shutterstock
Designed by Benzinga Neuro, edited by
Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system leverages Benzinga’s extensive ecosystem, including native data, APIs, and more to create rich, timely stories for you. Learn more.