A closely watched cryptocurrency analyst says Dogecoin (DOGE) could be on the verge of repeating a pattern that could send the top memecoin poised for a massive rally in the coming months.
Crypto strategist Ali Martinez told his 47,300 followers on social media platform X that Dogecoin appears to be reflecting the 2020 market structure.
The analyst shares a chart that suggests that if the pattern repeats, DOGE could rise exponentially to around 11,541% from current levels.
“Dogecoin’s price action is showing familiar patterns reminiscent of 2020 behavior. At that time, DOGE soared 28,770% after escaping the descending triangle and entering a sideways phase.
DOGE currently appears to be reflecting this pattern. “Out of the descending triangle, we are now in a consolidation phase and potentially setting the stage for another significant bull market.”
Looking at the trader’s chart, he appears to be predicting that DOGE will hit an all-time high of around $10 by the end of the year. As of this writing, DOGE is worth $0.0859.
Traders are also closely watching the price movements of Dogecoin’s rival, Pepe (PEPE). According to Martinez, PEPE appears to be on the verge of breaking out of a bullish inverse head-and-shoulders reversal pattern.
“You know where PEPE is going, right? First $0.00000166, then $0.00000274. send!”
As of this writing, PEPE is worth $0.00000129.
Regarding smart contract protocol Cardano (ADA), Martinez warned that the altcoin is sending bearish signals based on the Tom Demark (TD) sequential indicator.
The TD Sequential Indicator is commonly used to identify trend direction and potential price reversals.
Martinez says:
“TD Sequential indicator shows sell signal on Cardano 3-day chart. It is important to remember that ADA experienced a price correction the last two times this indicator gave a bearish signal!”
As of this writing, ADA is worth $0.596.
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