A closely watched crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.
Analyst Ali Martinez tells According to its 80,000 followers on social media platform X, DOGE has more upside potential based on the level of public interest relative to the current price level.
He uses Google search trends to gauge interest in the top memecoin based on market capitalization.
“I read people saying Dogecoin won’t go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ If you look at interest in DOGE over time, it hasn’t even peaked yet. Long story short: DOGE has a lot more room to grow.”
He says that too DOGE be able to will form a bull flag pattern on the hourly time frame and could soon rise past its all-time high of around $0.74. In technical analysis, a bull flag is seen as a continuation pattern, indicating that an asset is consolidating and gearing up for another rally.
“Dogecoin seems to be forming a bull flag! I look for an hourly close above $0.40, which could trigger a breakout to $0.85!”
DOGE is trading at $0.3742 at the time of writing, up 3.6% in the last 24 hours, but down about 49% from its all-time high of $0.731.
Finally, the analyst say that Bitcoin (BTC) can ignore a bearish signal from the TD Sequential indicator and reach six figures.
Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or thirteen bars or candles.
“Finally, I believe a sustained daily close above $91,900 will negate this bearish Bitcoin outlook and trigger a breakout to $100,680!”
Bitcoin is trading at $90,885 at the time of writing, up 1.6% in the past 24 hours.
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Generated image: Midjourney