Trader Sees XRP Breaking Out of Bullish Reversal Pattern, Updates Outlook on Dogecoin, Solana and Cardano
A closely followed crypto analyst says XRP ( XRP ) looks poised to kick off a new uptrend after the payments altcoin broke out of a bullish reversal pattern.
Analyst Ali Martinez tells his 136,500 followers on the social media platform X that XRP can surge as high as 30% from current levels after breaking out of an inverse head-and-shoulders pattern.
The structure is typically considered bullish as it suggests that buyers are ready to step in without waiting for the asset’s price to revisit recent lows.
“XRP looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90.”
Source: Ali Martinez/X
At time of writing, XRP is worth $2.23.
Looking at the top memecoin Dogecoin, Martinez says that DOGE needs to recover a key price level to gather momentum and trigger a potential rally toward its record high.
“If Dogecoin DOGE can secure a monthly close above $0.20, it could pave the way for a rally toward its all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest.”
Source: Ali Martinez/X
At time of writing, DOGE is trading for $0.173.
Turning to the layer-1 protocol Solana, Martinez believes that SOL is forming a large bullish continuation pattern that could send the altcoin to an astronomically high price target above $3,500.
“Zooming out, Solana SOL appears to form a textbook-perfect cup and handle pattern!”
Source: Ali Martinez/X
At time of writing, SOL is trading at $145.
As for the fellow layer-1 protocol Cardano ( ADA ), the trader says the altcoin needs to take out the diagonal resistance of a descending channel to spark new rallies.
A descending channel suggests that an asset is in a downtrend as its price prints lower highs and lower lows.
“Cardano ADA is approaching a major test at $0.74. A breakout above this level could pave the way for a move toward $0.88.”
Source: Ali Martinez/X
At time of writing, ADA is worth $0.694.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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