Solana’s price bounced from a support zone, hinting at the start of its last wave. Dogecoin is breaking out from a long-term downward trend line. The Graph surged past a downward trend line and rose above a support level.
These three altcoins are showing promising signs compared to Bitcoin (BTC) and might do better than it in March 2024. While BTC is heading towards a new record high, these altcoins have positive patterns that suggest they could perform even better than BTC.
Solana (SOL) Price Analysis
On the weekly time frame, Solana (SOL) has shown rapid growth since breaking out from a long-term descending resistance trend line and confirming it as support in September 2023. This surge led to a peak of ₿0.0029 in December 2023. Although SOL experienced a slight decline after reaching this high, it found support around the ₿0.0020 horizontal area this week. The wave count indicates that wave four is now complete, according to Elliott Wave theory, which analyzes long-term price patterns and investor psychology to forecast trends.
SOL/BTC Weekly Chart. Source: TradingView
Based on the wave count, SOL’s price has initiated wave four and is expected to rise by approximately 100% to reach the next resistance level at ₿0.0040. Despite this bullish prediction, if SOL closes below the ₿0.040 area, it could invalidate the wave count and potentially trigger a significant 45% drop to the nearest support level at ₿0.0011. Investors should monitor SOL’s price movements closely to gauge its adherence to this projection and anticipate potential challenges ahead.
Dogecoin (DOGE) Price Analysis
Since October 2022, the price of Dogecoin (DOGE) has been trending below a descending resistance trend line. This decline reached a low of 157 satoshis this week. However, DOGE experienced a rebound, forming a significant bullish weekly candlestick. If the weekly close maintains this momentum, DOGE will break out from the descending resistance trend line, which has persisted for 490 days.
Before the bounce, a bullish divergence was observed in the Relative Strength Index (RSI). Traders often use the RSI as a momentum indicator to gauge market conditions and decide whether to buy or sell an asset. A reading above 50 indicates a bullish trend, while below 50 suggests a bearish trend. A bullish divergence occurs when there’s an increase in momentum alongside a decrease in price, often signaling a potential trend reversal.
DOGE/BTC Weekly Chart. Source: TradingView
If DOGE confirms the breakout, it could surge by 35% to reach the next resistance level at 270 satoshis. Despite this optimistic projection, failure to break out may result in a 50% drop to the nearest support at 100 satoshis. It’s important for traders to closely monitor DOGE’s price movement to assess whether it aligns with these expectations and to anticipate potential outcomes accordingly.
The Graph (GRT) Price Analysis
The final altcoin with potential to surpass BTC is The Graph (GRT). GRT’s price recently broke out from a descending resistance trend line that had been in place since its all-time high. Following a bounce at the trend line, GRT initiated an upward movement, leading to a breakout above the 450 satoshi resistance level.
The breakout coincided with an increase in the Relative Strength Index (RSI) above 50, providing legitimacy to the upward movement. Consequently, if this upward trajectory persists, The Graph has the potential to surge by approximately 90% to reach the next resistance at 900 satoshis.
GRT/BTC Weekly Chart. Source: TradingView
Despite the optimistic outlook for GRT’s price, a close below the 450 satoshi support area could trigger a significant 45% decline, potentially returning to the resistance trend line at 280 satoshis. It’s crucial for investors to monitor GRT’s price movements closely to assess its adherence to this projection and prepare for potential challenges ahead.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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