Top Crypto Trader Predicts Dogecoin Could Reach Double Digits
A highly regarded crypto trader, Ali Martinez, has made a bold prediction about the future of the popular memecoin Dogecoin (DOGE), suggesting that it could soar to double digits based on historical patterns.
Sharing his insights with his 97,000 followers on X, Martinez believes that DOGE is currently in a phase where it is poised to pause before making a significant leap to new record highs. He points to a chart that indicates DOGE is following a similar price action pattern seen during the 2017 and 2021 market cycles, trading within a large ascending channel.
“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?
For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”
As of the latest update, DOGE is trading at $0.391, down nearly 5% for the day.
Shifting focus to the layer-1 protocol Cardano (ADA), Martinez suggests that the altcoin could find support at the $1 level according to the In/Out of the Money Around Price (IOMAP) metric.
The IOMAP metric categorizes crypto addresses based on their profitability, break-even status, or losses to determine potential support and resistance levels for ADA. Martinez highlights that 41,720 addresses hold over one billion ADA at the $1 mark.
Looking at the bigger picture, Martinez observes that Cardano seems to be following a similar price trajectory to its 2020 performance, where it underwent a retracement phase before experiencing a significant uptick.
“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”
Currently, ADA is trading at $1.
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Generated Image: Midjourney