Altcoins
Is it time for Altcoins to shine? Expert predicts rise for DOGE as BTC finds solid ground
In a recent forecast, a prominent crypto expert predicted a surge in altcoins, with Dogecoin (CRYPTO: DOGE) likely to see significant gains.
What happened: The cryptography expert known as Rekt Capital, shared his predictions with his 461,000 followers on a social media platform, according to 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 past the $250 billion mark.
Rekt Capital’s chart shows an initial target of $315 billion, followed by a potential rise to previous highs near $425 billion.
He said: “Altcoin market cap still holds the $250 billion support, positioning itself for a future upward move via the dark 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 lie at $0.20 and $0.278.
Rekt Capital also shared its views on Bitcoin (CRYPTO:BTC), suggesting that the crypto king may have already found strong support around the $60,000 level.
Why is this important: Rekt Capital Forecast Follows Similar Crypto Analyst Forecast Michael van de Poppe, which anticipated a major rally in altcoin markets amid disappointing US economic data. Van de Poppe suggested that the Federal Reserve’s potential response to labor market underperformance could trigger a rally in risk assets.
Victor, a pseudonymous researcher specializing in decentralized finance noted that altcoins outperformed Bitcoin during the recent market downturn. Viktor proposed two possible scenarios: either altcoins could see a significant drop during the next downward move, or they would not have many sellers left compared to Bitcoin due to the liquidation cascades on April 12 and 13.
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 Pair Listing on Kraken
Image via Shutterstock
Designed by Benzinga Neuro, edited by
Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system leverages the extensive Benzinga ecosystem, including native data, APIs and more, to create comprehensive, timely stories for you. Learn more.