A closely watched crypto trader believes that top memecoin Dogecoin (DOGE) could rise to double digits based on historical patterns.
Crypto strategist Ali Martinez tells his 97,000 followers on the social media platform
The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a major ascending channel.
“Look where we are in the Dogecoin DOGE bull cycle! Very early, right?
For that reason, I am grateful for the dip and will buy more between €0.40 and €0.30. The goal remains $3, and if things get out of hand, $18!”
At the time of writing, DOGE is trading at $0.391, down almost 5% on the day.
As for the layer-1 protocol Cardano (ADA), Martinez says the altcoin could find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.
IOMAP classifies crypto addresses as profitable, breakeven, or money-losing – to determine support and resistance levels for ADA. According to the statistic, 41,720 addresses have collected more than a billion ADA for $1.
Zooming out, Martinez says Cardano appears to be following the price action of 2020, when it witnessed a period of retracement before surging to new highs.
“Cardano is doing the same as in 2020 and that’s why I’m buying! Even if the price drops to $0.76, I will buy more and plan to make a profit between $4 and $6.”
At the time of writing, ADA is trading at $1.
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Generated image: Midjourney