A prominent crypto trader is optimistic about the future of Dogecoin (DOGE), predicting that the meme-inspired cryptocurrency could reach double digits based on historical trends. According to crypto strategist Ali Martinez, DOGE appears to be entering a phase in its cycle where it pauses before embarking on a journey towards new all-time highs.
Martinez, who has a substantial following on the social media platform X, shared a chart indicating that DOGE is currently following a similar price pattern to its movements during the 2017 and 2021 market cycles while trading within a large ascending channel. The trader expressed gratitude for the recent dip in DOGE’s price, stating plans to purchase more coins between the $0.40-$0.30 range. Martinez set a target price of $3 for DOGE, with the possibility of reaching $18 if market conditions become more favorable.
As of the time of writing, DOGE is trading at $0.391, experiencing a slight decline of nearly 5% for the day. In addition to DOGE, Martinez also shared insights on Cardano (ADA), a layer-1 protocol. He highlighted the In/Out of the Money Around Price (IOMAP) metric, which suggests that ADA could find support at the $1 level. The metric indicates that over 41,720 addresses have accumulated over one billion ADA at the $1 price point.
Martinez pointed out that Cardano’s price action appears to be mirroring its movements in 2020, where the cryptocurrency underwent a period of retracement before surging to new highs. The trader expressed confidence in ADA’s potential, stating plans to buy more coins even if the price dips to $0.76. Martinez set a profit-taking range between $4 and $6 for Cardano.
At the time of writing, ADA is trading at $1. Martinez encouraged readers to stay informed by subscribing to email alerts and following market updates on various platforms like Twitter, Facebook, and Telegram. The article also featured images of the price charts for DOGE and ADA, sourced from Martinez’s social media posts.
In conclusion, the crypto trader’s analysis suggests bullish sentiments for both Dogecoin and Cardano, with potential price targets set for each cryptocurrency. Investors and enthusiasts are advised to stay updated on market developments to make informed decisions regarding their crypto investments.