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Home»ALTCOIN NEWS»The analyst said the early bull market stages see Dogecoin soaring to huge targets ‘when things get rough’.
ALTCOIN NEWS

The analyst said the early bull market stages see Dogecoin soaring to huge targets ‘when things get rough’.

By Crypto FlexsDecember 12, 20242 Mins Read
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The analyst said the early bull market stages see Dogecoin soaring to huge targets ‘when things get rough’.
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A closely watched cryptocurrency trader believes that top memecoin Dogecoin (DOGE) could soar to double digits based on historical patterns.

Crypto strategist Ali Martinez tells his 97,000 followers on social media platform

The trader shares a chart that suggests DOGE is trading in a large upward channel, mirroring its price action during the 2017 and 2021 market cycles.

“See where we are in the Dogecoin DOGE bull cycle! Very early, right?

For that reason I appreciate the drop and will buy more between $0.40-$0.30. The goal remains at $3, and if things get really bad, it will be $18!”

Source: Ali Martinez/X

As of this writing, DOGE is trading at $0.391, down nearly 5% on the day.

Martinez mentions layer 1 protocol Cardano (ADA) and says the altcoin could find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) indicator.

IOMAP determines support and resistance levels for ADA by classifying cryptocurrency addresses as profitable, break-even, or loss-making. According to the metric, 41,720 addresses have accumulated more than 1 billion ADA in dollar terms.

video
Source: Ali Martinez/X

Zooming out, Martinez says Cardano appears to be following the price action of 2020, which saw a retracement period before soaring to new highs.

“Cardano is doing the same thing in 2020. That’s why I’m buying! Even if it drops to $0.76, I plan to buy more and record a profit of between $4 and $6.”

video
Source: Ali Martinez/X

As of this writing, ADA is trading for $1.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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