A closely followed crypto 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 the social media platform X that DOGE appears to be in the phase of the cycle when it pauses before skyrocketing to new record highs.
The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a large ascending channel.
“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?
For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”
At time of writing, DOGE is trading for $0.391, down nearly 5% on the day.
Turning to the layer-1 protocol Cardano (ADA), Martinez says that the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.
IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated over one billion ADA at $1.
Zooming out, Martinez says Cardano appears to be following its 2020 price action when it witnessed a period of retracement before soaring to fresh highs.
“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”
At time of writing, ADA is trading at $1.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
