A closely watched crypto analyst says Dogecoin (DOGE) is poised to repeat a pattern that could give the top memecoin a meteoric rise in the coming months.
Crypto strategist Ali Martinez tells his 47,300 followers on social media platform X that Dogecoin appears to reflect its 2020 market structure.
The analyst shares a chart that suggests DOGE could rise exponentially by about 11,541% from current levels if the pattern repeats.
“Dogecoin’s price action shows familiar patterns reminiscent of Dogecoin’s behavior in 2020. At that time, DOGE broke out of a descending triangle, entered a period of consolidation, and then skyrocketed 28,770%.
Currently, DOGE seems to be reflecting this pattern: after breaking out of a descending triangle, it is now in a consolidation phase, potentially paving the way for another major bull run.”
Looking at the trader’s chart, he seems to be predicting that DOGE will hit a new all-time high around $10 by the end of the year. At the time of writing, DOGE is worth $0.0859.
The trader is also keeping a close eye on the price action of Dogecoin rival Pepe (PEPE). According to Martinez, PEPE appears to be on the verge of breaking the bullish head-and-shoulders reversal pattern.
“You know where PEPE is going! First $0.00000166, then $0.00000274. Send it!”
At the time of writing, PEPE is worth $0.00000129.
As for the smart contract protocol Cardano (ADA), Martinez warns that the altcoin is sending a bearish signal based on the Tom Demark (TD) Sequential indicator.
The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
says Martinez,
“The TD Sequential indicator shows a sell signal on the Cardano three-day chart. It is important to note that the last two times this indicator has indicated bearish, ADA has undergone a price correction!”
At the time of writing, ADA is worth $0.596.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE-2