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In a recent forecast, a prominent crypto expert has anticipated a surge in altcoins, with Dogecoin (CRYPTO: DOGE) likely to witness significant gains.
What Happened: The crypto expert, known as Rekt Capital, shared his predictions with his 461,000 followers on a social media platform, according to Daily Hodl reported on Monday. He suggested that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10, is likely gearing up for a rebound off the $250 billion mark.
Rekt Capital’s chart points to an initial target of $315 billion, followed by a potential surge to previous peaks near $425 billion.
He stated, “Altcoin Market Cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway.”
See Also: EcoAi Coin: A Sustainable Digital Token For A Greener Planet
Specifically for Dogecoin, the expert confirmed a macro uptrend after a successful retest of the $0.12 level. The chart indicates that the next major resistance levels are at $0.20 and $0.278.
Rekt Capital also shared his views on Bitcoin (CRYPTO: BTC), suggesting that the crypto king may have already found solid support around the $60,000 level.
Why It Matters: Rekt Capital’s predictions follow a similar forecast by crypto analyst Michaël van de Poppe, who anticipated a major rally in the altcoin markets amid disappointing U.S. economic data. Van de Poppe suggested that the Federal Reserve’s potential response to the underperforming job market could trigger a rally in risk-on assets.
Viktor, a pseudonymous researcher focused on decentralized finance, noted that altcoins have been outperforming Bitcoin during the recent market downturn. Viktor proposed two possible scenarios: altcoins could either witness a significant drop in the next downward move, or they might not have many sellers left relative to Bitcoin due to the April 12-13 liquidation cascades.
Price Action: On Monday, DOGE was trading at $0.159 while BTC was trading at $63,564.40 at the time of writing, as per Benzinga Pro.
Read Next: ‘Dogecoin Killer’ Shiba Inu Burn Rate Spikes 800% Amid New Margin Pair Listing On Kraken
Image via Shutterstock
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