According to historical trends, a closely-followed crypto trader thinks that Dogecoin’s (DOGE), the top memecoin, could reach double figures.
Ali Martinez, a crypto strategist on social media platform X told his 97,000 subscribers that DOGE appeared to be at the stage of the cycle where it pauses and then soaring to new records highs.
A trader shared a chart that suggested DOGE was mirroring the price movement during 2017 and 2021 cycles, while trading within a broad ascending channel.
Check out the Dogecoin bull cycle. It’s still very early.
The target remains $3, and if things go wild, $18!” If things get crazy, the target is $18 !”
DOGE was trading at $0.391 as of the time this article is written, down almost 5% for the day.
Martinez, when referring to layer-1 protocol Cardano(ADA), says the altcoin will find support around the $1 mark based on In/Out Of The Money Around Price (IOMAP).
IOMAP categorizes crypto addresses into three categories: profit, break-even, and loss to help determine the support levels of ADA. The metric shows that 41,720 address have accumulated more than one billion ADA for $1.
Martinez, zooming out says Cardano seems to be following the 2020 price movement when it saw a period retracement and then soared to new highs.
The company is performing the same way it did last year, so I am buying. If it drops to $0.76 I will buy more, and expect to make between $4 to $6 .”
ADA currently trades at $1.
Join us at X@InvCryptoDaily to never miss a beat.
Sources of Images include Pixabay Creative Commons & Midjourney
The post Dogecoin is in Early Bull Market Stage: Analyst Sees DOGE Soaring to Massive Target “If Things Go Crazy” may be updated as new information becomes available.
