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