Cryptocurrency analyst Ali Martinez shared his views on the future of Dogecoin, Cardano and Ethereum in a recent analysis.
Currently trading at $0.05945, Dogecoin is nearing the top of its multi-year descending triangle formation. According to Martinez, a close of the weekly candlestick above $0.0835 could trigger the start of a new bull season for Dogecoin and potentially push its price to $1.
However, according to Martinez, DOGE users should consider the $0.0482 support level. The analyst thinks that any signs of weakness at this level could lead to a new yearly low.
Martinez's analysis of Cardano reveals an interesting pattern. According to the analyst, Cardano's current consolidation trend is eerily reminiscent of the years 2018-2020. If history repeats itself, ADA could remain in this consolidation phase until July 2024.
According to the analyst, barring unforeseen events such as the COVID-19 crash, ADA may debut as early as December.
According to the analyst, Ethereum is currently moving in a stable range. Interestingly, the TD Sequential indicator gave a positive signal at the lower end of this range, indicating that Ethereum could rise as high as $1,630. However, the analyst said caution is needed and if Ethereum closes below $1,530, the bullish expectation will be invalidated.
*This is not investment advice.
