A closely followed crypto strategist thinks that payments altcoin XRP is gearing up for a burst to the upside as it prints a bullish continuation pattern.
Trader Ali Martinez tells his 126,300 followers on the social media platform X that XRP appears to be on the verge of a breakout as it forms a cup-and-handle pattern.
[adinserter block="1"]The structure suggests that an asset is bullish as buyers step in to prevent prices from revisiting recent lows.
Says Martinez,
“If XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!”
Looking at the trader’s chart, he seems to suggest that XRP will trigger a breakout after breaching the pattern’s resistance at $2.80. At time of writing, XRP is trading at $2.74.
Turning to the layer-1 protocol Avalanche (AVAX), Martinez says the altcoin will likely see a rise in demand once it falls to the lower boundary of a wide trading range.
“The key support level for Avalanche AVAX stands at $20!”
Based on the trader’s chart, he seems to suggest that AVAX is trading between a range high of $56 and a range low of $20. At time of writing, AVAX is worth $24.95.
Looking at top memecoin Dogecoin (DOGE), the trader believes the altcoin is carving a local bottom at a key Fibonacci retracement level.
Traders use the Fibonacci tool to spot potential entry and exit points based on the Fibonacci ratio.
“Dogecoin DOGE has pulled back to the 0.618 Fib level, also known as the Golden Ratio. This is a key area where bullish reversals often occur!”
According to the trader’s chart, he suggests that DOGE needs to hold $0.25 to have a shot at reversing its downtrend. At time of writing, DOGE is worth $0.266.
As for fellow memecoin Pepe (PEPE), the analyst warns that the altcoin needs to hold its diagonal support to avoid witnessing a deep corrective move.
“This is a crucial level for PEPE. If it holds above $0.0000092, a rebound could follow. But a break below may open the door for a move toward $0.0000032.”
At time of writing, PEPE is trading for $0.00000978.
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