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- If ETH beats the $2,600, a run toward $3,400 could be possible.
- Dogecoin might jump to $0.1 if bears would fail to breach the $0.074 support.
- SUSHI might increase by 30% if bulls take advantage of the exhausted sellers.
According to analyst Ali Martinez, the trio of Ethereum (ETH), Dogecoin (DOGE), and SushiSwap (SUSHI) could be ready for major moves in the short term. On January 14, Martinez posted about ETH, noting that the coin could be in place to climb to $3,400.
Using the weekly chart, Martinez concluded that ETH had broken out of an ascending triangle. He also added that the short-term volatility might not stop the rally.
Remember that #Ethereum broke out from an ascending triangle on the weekly chart. Despite the short-term volatility, $ETH continues to target $3,400! pic.twitter.com/kQ2ncLuFjL— Ali (@ali_charts) January 14, 2024
Ethereum (ETH)
In recent times, ETH has been showing signs of hitting $3,000. For instance, the cryptocurrency ran up to $2,700 last week before retracing below $2,600 after facing rejection.
At press time, the Bollinger Bands (BB) confirmed the analyst’s opinion that volatility had become high. Indications from the 4-hour chart also showed that ETH’s price could be ready to recover.
This was because the lower band of the BB touched at $2,496, suggesting that the altcoin was oversold. Should buying pressure increase as the price hit $2,515, ETH could eye $3,000 as its first target.
However, the coin would need to beat the resistance at $2,600 first if it was to achieve this. A look at the RSI showed that the indicator was about to climb above the 50.00 midpoint. If it does, then it could confirm a possible ETH rally toward $3,400.
ETH/USD 4-Hour Chart (Source: TradingView)
Dogecoin (DOGE)
For Dogecoin, Martinez opined that the Tom DeMark (TD) Sequential indicated a buy signal that could propel the coin to $0.1.
Based on his post, the analyst considered the 3-day chart, noting that the $0.074 support was key to the run.
The TD Sequential recently presented a buy signal on the #Dogecoin 3-day chart. As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher! pic.twitter.com/J9fm65nHkf— Ali (@ali_charts) January 14, 2024
Signals from the chart above showed that the bearish trend had become exhausted around $0.08. Coin Edition then looked at the 4-hour DOGE/USD chart. The chart confirmed the analyst’s bias that the $0.074 support was crucial to the coin’s potential upside.
For instance, the same support was what impacted DOGE to increase to $0.1 between November 22, 2023, and December 6 of the same year.
However, it is important to mention that Dogecoin could face some sort of resistance at that point which could make it difficult for it to trend higher.
Furthermore, the MACD showed that the bearish momentum, despite still being present, was waning. In a case where the 12-day EMA (blue) rises above the 26-day EMA (orange), the momentum would switch to the bullish side.
Also, the Chaikin Money Flow (CMF) was positioned in the positive region. If CMF avoids falling into the negative zone, then DOGE’s potential increase could be confirmed.
DOGE/USD 4-Hour Chart (Source: TradingView)
SushiSwap (SUSHI)
SushiSwap’s case was a little different, Martinez noted. Using IntoTheBlock’s data, he noted that 82% of SUSHI holders were underwater. He, however, applauded the project for its ongoing development behind the scenes.
Despite continuous development on #SushiSwap, the bear market's impact is evident to investors. Data from @intotheblock reveals that over 82% of $SUSHI holders are currently 'out of the money.' This also implies that #SUSHI might be undervalued! pic.twitter.com/6br3fqG7Ys— Ali (@ali_charts) January 15, 2024
In terms of the price action, Martinez said that SUSHI could be undervalued. At press time, CoinMarketCap showed that SUSHI’s price was $1.08. However, the interesting part was how the value had increased by 96% in the last 90 days despite struggling for most of 2023.
The 4-hour SUSHI/USD chart showed that the said price increase led to widespread profit-taking. As a result, the price fell below on January 8. The Aroon indicator also indicated that there was a lot of bearish pressure on the token.
At press time, the Aroon Down (blue) was much higher at 92.86%. However, the state of this indicator could present a buying opportunity. But it would not come easy as bulls would need to jumpstart it with some orders.
SUSHI/USD 4-Hour Chart (Source: TradingView)
If this happens, SUSHI might gain a 30% increase like it did in December 2023. So, traders should watch out as the cryptocurrency has the potential to rise to $1.30 in the short term.
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