A closely watched crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies on its way to astronomically new all-time highs.
Analyst Ali Martinez tells his 80,000 followers on social media platform X that DOGE appears to be trading in a major rising channel on the weekly chart.
A rising channel is typically viewed as a bullish structure because it suggests an asset is printing higher highs and higher lows.
According to Martinez, Dogecoin appears to be gearing up for fireworks after respecting the channel’s diagonal support.
“A test of the mid or upper limit of the channel puts Dogecoin DOGE at $2.40 or $18!”
At the time of writing, DOGE is trading at $0.383, which suggests a potential upside of 526% if the coin hits the trader’s first target, and around 6,000% if it hits Martinez’s second target.
The trader then focused his radar on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring a pattern that led to parabolic rallies last year.
“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today we see a similar situation, pointing to a bullish target of $7.20 for OP – a potential gain of 340%.”
At the time of writing, OP is worth $1.68.
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Generated image: Midjourney