A cryptocurrency strategist who follows closely believes that top memecoin Dogecoin (DOGE) is poised to spark a massive rally on its way to astronomical new all-time highs.
Analyst Ali Martinez told his 80,000 followers on social media platform
A rising channel is generally considered a bullish structure as it suggests that the asset is printing higher highs and higher lows.
According to Martinez, Dogecoin appears to be preparing for fireworks after honoring the channel’s diagonal support.
“Testing the middle or upper boundary of the channel, Dogecoin DOGE reached $2.40 or $18!”
As of this writing, DOGE is trading at $0.383, which suggests a potential upside of 526% if the coin reaches the trader’s first target, and about 6,000% if it reaches Martinez’s second target.
Next, traders fixed their radar on the underlying asset of Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring the pattern that sparked last year’s parabolic rally.
“Optimistic OP has a history of forming market bottoms through ascending triangles, often rising to the 1.618 Fibonacci retracement level. Today we see a similar setup pointing to an optimistic target of $7.20 for OP. That means you could potentially earn a profit of 340%.”
As of this writing, OP is worth $1.68.
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