Dogecoin Targets Explosive Growth Amid ETF Buzz, While XRP Eyes Bullish Wave and Bitcoin Is Deemed Undervalued
Dogecoin Targets Explosive Growth Amid ETF Buzz, While XRP Eyes Bullish Wave and Bitcoin Is Deemed Undervalued
A prominent analyst forecasts Dogecoin (DOGE) could see gains of over 2,800% this cycle, potentially reaching $2 to $5, driven by historical chart patterns and a significant Bitwise ETF filing that could attract institutional interest. While short-term technicals suggest caution, the long-term outlook appears robust for the memecoin.
Meanwhile, XRP is showing strong momentum, with technical indicators pointing towards an impending bullish wave. Analysts predict further upward movement, targeting resistance levels around $2.650 and $2.720, despite a recent consolidation phase.
In the Bitcoin (BTC) market, analytics firm Santiment argues that BTC is "arguably undervalued" after recent underperformance against Gold and the S&P 500. Despite a drawdown from its all-time high, on-chain data points to historical support and resistance levels, and the expectation remains that Bitcoin's price will eventually align with its historical correlations to traditional assets.
Dogecoin Poised for Parabolic Explosion and ETF Interest
Crypto analyst Crypto Patel has set audacious targets for Dogecoin (DOGE), predicting the memecoin could surge by over 2,800% to reach $2 and potentially $5 this market cycle. This bullish forecast is rooted in repeating chart patterns, specifically a long-running descending triangle breakout followed by a retest, mirroring historical rallies in 2017 (9,800% gain) and 2021 (32,000% gain). The analyst's charts suggest the current setup is locked and loaded for a 'parabolic explosion'.
Adding to the positive sentiment, Bitwise has reportedly moved forward with a DOGE ETF filing under Section 8(a), utilizing CF Benchmarks' settlement price. This strategic move could significantly enhance institutional accessibility and interest in DOGE, potentially boosting liquidity and market depth. While some short-term indicators show caution, with sentiment listed as 'Bearish' and the Fear & Greed Index at 20 (Fear), the underlying long-term chart patterns and institutional developments paint a predominantly optimistic picture for the altcoin.
XRP Momentum Strengthening for Bullish Wave
XRP price action indicates it's aiming for another significant bullish wave. After a decent increase above $2.420 and a subsequent consolidation, technical analysis shows momentum strengthening. The price is currently trading near $2.420, above the 100-hourly Simple Moving Average, and the Hourly MACD is gaining pace in the bullish zone, with the RSI above the 50 level. Key resistance levels are identified at $2.450, $2.50, and potentially $2.580, with further gains eyeing $2.650 and $2.720. Despite a brief downside correction, bulls have remained active above the $2.320 support, suggesting a strong foundation for future upward movement. Clearing major resistances is crucial for confirming the next leg of the rally.
Bitcoin Deemed 'Arguably Undervalued' Despite Recent Underperformance
On-chain analytics firm Santiment posits that Bitcoin (BTC) is currently 'arguably undervalued', a conclusion drawn from its recent divergence and underperformance compared to Gold and the S&P 500. Historically, BTC has shown a correlation with these traditional assets over a four-year period. However, since August 11th, Bitcoin has declined by 15%, while the S&P 500 gained 7% and Gold surged by 21%. Santiment suggests that this deviation implies BTC's price is lagging and is expected to eventually 'close the gap'.
Further analysis from Glassnode highlights Bitcoin's position between critical on-chain price levels. BTC recently slipped below the 0.95 and 0.85 quantiles of the Supply Quantiles Cost Basis Model, which correspond to 95% and 85% supply profitability, respectively. The 0.85 quantile, currently at $108,500, acts as an overhead resistance, while the 0.75 quantile around $100,600 serves as a crucial support. These levels have historically defined directional trends, indicating that a clear break above or below them will dictate Bitcoin's next major move. Despite recent struggles, BTC is up 2.5% over the last seven days, reinforcing the narrative of an asset poised for a potential rebound.