A closely watched cryptocurrency strategist believes that top memecoin Dogecoin (DOGE) could be preparing for an explosive surge.
Analyst Ali Martinez tells his 80,000 followers on social media platform
He uses Google Search Trends to gauge the level of interest in the top memecoins by market capitalization.
“I’ve read people saying Dogecoin won’t go up any further because of ‘market cap’, ‘news selling’ or ‘better memes’. Well, looking at the interest in DOGE over time, it seems that its popularity has not yet reached its peak. Simply put, DOGE has a lot more room to grow.”
He also says that DOGE could form an hourly bullish pattern and could soon surge past its all-time high of $0.74. In technical analysis, a bull flag is considered a continuation pattern that indicates an asset is consolidating and preparing for a new rally.
“Dogecoin appears to be forming a bull flag! I am expecting an hourly close above $0.40, which could trigger a breakout to $0.85!”
DOGE is trading at $0.3742 at the time of this writing. This represents a rise of 3.6% over the last 24 hours, but is still down about 49% from its all-time high of $0.731.
Finally, the analyst says Bitcoin (BTC) could defy the bearish signals from the TD Sequential indicator and reach six figures.
Traders use the TD Sequential Indicator to predict a potential trend reversal in a token based on the closing price of the previous 9 or 13 bars or candles.
“Finally, we believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”
At the time of writing, Bitcoin is trading at $90,885, up 1.6% in the last 24 hours.
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