A closely followed crypto analyst says Dogecoin (DOGE) may be on the verge of repeating a pattern that could send the top memecoin on a meteoric ascent in the coming months.
Crypto strategist Ali Martinez tells his 47,300 followers on the social media platform X that Dogecoin appears to be mirroring its 2020 market structure.
The analyst shares a chart suggesting that DOGE could exponentially rise by about 11,541% from current levels if the pattern repeats.
“The price action of Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, DOGE appears to be mirroring this pattern: having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run.”
Looking at the trader’s chart, he appears to predict that DOGE will hit a new all-time high at around $10 toward the end of the year. At time of writing, DOGE is worth $0.0859.
The trader is also keeping a close watch on the price action of Dogecoin 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! $0.00000166 first, then $0.00000274. Send it!”
At time of writing, PEPE is worth $0.00000129.
As for the smart contract protocol Cardano (ADA), Martinez warns that the altcoin is flashing a bearish signal based on the Tom Demark (TD) Sequential indicator.
The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
Says Martinez,
“The TD Sequential indicator shows a sell signal on the Cardano three-day chart. It’s important to note that the last two times this indicator signaled bearish, ADA experienced a price correction!”
At time of writing, ADA is worth $0.596.
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Source: https://dailyhodl.com/2024/02/25/analyst-predicts-massive-11500-rally-for-dogecoin-updates-outlook-on-one-doge-rival-and-cardano/