Veteran Trader Peter Brandt Believes Dogecoin, XRP, and Solana Are Poised to Rally

Seasoned trader Peter Brandt believes that top memecoin Dogecoin's (DOGE) price action as of late looks incredibly bullish.

Seasoned trader Peter Brandt is bullish on top memecoin Dogecoin (DOGE), noting that the coin has broken out of two technical patterns on the weekly chart this year.

Brandt shared a chart on the social media platform X, suggesting that DOGE has broken out of a descending channel and an inverse head-and-shoulders pattern.

A descending pattern is typically viewed as a bearish pattern unless an asset shatters the structure’s diagonal resistance. Meanwhile, an inverse head-and-shoulders structure is considered a bullish reversal pattern, suggesting that buyers are no longer waiting for the asset to revisit recent lows before entering the market.

Based on the trader’s chart, it appears that he is anticipating DOGE to hit his target at $0.734 following the pattern breakouts. At the time of writing, DOGE is trading at $0.388.

Brandt also shared his thoughts on XRP, noting that the altcoin is “ready to rip” after blasting through a diagonal resistance that has kept the coin bearish since 2018.

“Massive coil. 2023 high now cleared. If 2021 high ($1.60) is cleared, then [fireworks],” Brandt wrote.

At the time of writing, XRP is trading at $1.10.

As for the layer-1 protocol Solana (SOL), Brandt believes the altcoin is in a position to rally to a new all-time high of $274.

“Oftentimes price moves in swings whereby the swings are relatively equal in price,” the trader wrote.

At the time of writing, SOL is trading at $236.