dailyhodl.com
A popular crypto strategist is suddenly flipping bullish on an altcoin connected to a viral game on the encrypted messaging platform Telegram.
Analyst Ali Martinez tells his 77,300 followers on the social media platform X that Notcoin (NOT) could soar 100% from its current value.
“Notcoin is showing a promising risk-to-reward setup. With a falling wedge pattern forming, it could be primed for a bullish breakout toward $0.012!”
A falling wedge breakout is a technical analysis pattern that is used to identify bullish reversals in an asset’s price. The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart.
As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening. When price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish.
NOT is trading for $0.006 at time of writing, up 7.9% in the last 24 hours.
The analyst is also bullish on Ethereum (ETH), suggesting it could soon hit $6,000.
“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”
Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.
Next up, the analyst suggests that Dogecoin (DOGE) may see an explosive rally, in part, due to billionaire Elon Musk. Musk, one of the memecoin’s most famous supporters, is now close to US President-elect Donald Trump, after playing a role in his election.
The analyst also believes DOGE may repeat a historic pattern based on Fibonacci extensions, which traders use in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
“With Elon Musk now influencing the 47th President, Donald Trump, Dogecoin could be primed for a wild ride! In past bull cycles, once DOGE broke the 0.50 Fibonacci retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see DOGE hit somewhere between $4 and $23!
Dogecoin is trading for $0.1969 at time of writing, up 15% in the last 24 hours.
Generated Image: Midjourney