- Bitcoin claimed the $99,000 briefly and is once again trading at $98,000.
- Dogecoin is poised for a “parabolic rally,” claims analyst Ali Martinez.
- ONDO is facing a 30% bearish drop if it doesn’t reclaim $1.86.
Bitcoin, which was trading around $92K, surged above $99K over the last seven days. Despite expectations of a ‘Santa Rally’ during the Christmas period, the leading cryptocurrency struggled to retain its price above $99,000. At the time of press, Bitcoin is trading at $95,593 with a market cap of 1.89T.
After skyrocketing to an all-time high of $108,268.45 earlier this month, investors started to book profits. As a result, Bitcoin dropped below the $100,000 price level, losing its $2 trillion valuation. However, the weekly Relative Strength Index (RSI) is still bullish for Bitcoin at 68.59. The gradient of the line suggests that a correction is prevalent after BTC reached overbought levels earlier.
On the other hand, the world’s largest meme coin, Dogecoin (DOGE) is about to witness a “parabolic run,” as pointed out by analyst Ali Martinez. In a recent X post, Martinez highlighted DOGE’s price history, showcasing significant rallies. In 2017, the meme coin rallied to 212%, retraced 40%, and again rallied by 5000%. Again in 2021, the meme coin rose 476%, retraced 56%, then skyrocketed 12,000%.
Based on his analysis, Martinez stated that DOGE has retraced 46% after a 440% price surge earlier this year. He further suggested that the meme coin could witness a bull market, potentially reaching the $1 price tag and breaking its current all-time high of $0.7.
ONDO on the Verge of a Crash?
ONDO, a major Real-World Asset (RWA) project, has crashed by more than 10% over the past 24 hours. At press time, ONDO was trading at $1.50. While it surged by an impressive 827.86% since December last year, ONDO is now trading below 30.09% below its all time high of $2.14.
In another X post, the analyst stated that ONDO’s price action has significantly affected the altcoins market by forming a bearish ‘head-and-shoulders pattern,’ suggesting that prices will crash soon.
Read also : 46% Drop? No Problem: DOGE Price to $10 Still on Analyst’s Radar
Further, Martinez predicted that there is a strong possibility of a 30% correction in ONDO’s price if it closes its daily candle below $1.48. Also, to invalidate the bearish theory, ONDO needs to reclaim its $1.86 resistance price and turn it into support, paving the way toward the $2 price region.
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