A widely followed analyst believes that five altcoins are poised for more rallies as tens of billions of dollars in capital flow into the crypto market.
Crypto strategist Ali Martinez unveils to his 143,200 followers on the social media platform X his massive price target for the payments altcoin XRP after it broke out from a bullish continuation pattern.
“XRP has broken out of a bullish flag, setting its sights on $15! Zoom out on the weekly chart and you’ll spot it.”
At time of writing, XRP is worth $3.54.
Next up, the trader has his eye on the native asset of the layer-1 protocol Cardano (ADA). Martinez shares a chart suggesting that ADA is now in an uptrend after breaking out from a double-bottom bullish reversal pattern.
“For Cardano ADA, hitting $1 isn’t a question of if. It’s a matter of when!”
At time of writing, ADA is worth $0.88.
Martinez is also bullish on the top memecoin Dogecoin based on DOGE’s UTXO realized price distribution (URPD) metric.
The URPD is an on-chain metric that tracks price levels where investors accumulated their coins, showing potential support or resistance zones.
“Dogecoin DOGE has a lot of room to go up as the next major resistance barrier is $0.36!”
Based on the trader’s chart, he seems to suggest that DOGE will have trouble soaring above $0.36 as a significant amount of coins are trapped at that level. DOGE investors who are underwater may take advantage of a price spike to get out of their positions with little to no loss.
At time of writing, DOGE is worth $0.263.
Another coin on the trader’s radar is the native asset of the digital identity-focused project Worldcoin (WLD), which he thinks is gearing up for a breakout.
“Worldcoin WLD is consolidating within a triangle pattern, eyeing a potential breakout to $3!”
A triangle pattern suggests an asset is consolidating, and a move above the diagonal resistance tends to trigger an uptrend. At time of writing, WLD is trading at $1.31.
The last coin on the trader’s list is Ondo (ONDO), a crypto project designed to bring real-world assets like US Treasuries on-chain. Martinez notes that ONDO is close to sparking a huge upside burst.
“ONDO is pressing against a crucial resistance at $1.15. A confirmed breakout here could ignite a 70% rally!”
At time of writing, ONDO is worth $1.08.
Martinez’s bullish outlook on altcoins comes amid massive capital inflows into the crypto market.
“Capital inflows into the crypto market have doubled in July, hitting $74.5 billion!”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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