A closely followed crypto analyst says that Dogecoin (DOGE) may have an explosive breakout if the memecoin reclaims one key level as support.
In a new thread, crypto trader Ali Martinez tells his 144,000 followers on the social media platform X that DOGE may be forming a bullish reversal pattern on the three-day chart and increase by more than 109% from its current value.
“If Dogecoin is truly forming a double bottom, this is the spot for a rebound. Reclaiming $0.26 as support could set the stage for a rally toward $0.46!”
DOGE is trading for $0.22 at time of writing, down 8.2% in the last 24 hours.
Next up, the analyst says that the layer-1 blockchain Avalanche (AVAX) may see a more than 55% increase from its current value if it can flip the $27 level into support.
“If Avalanche breaks above $27, it could quickly climb toward the next key target at $36!”
AVAX is trading for $23.22 at time of writing, down 4.4% in the last 24 hours.
Next up, the analyst says that artificial intelligence (AI)-focused crypto project Bittensor (TAO) may surge to its range high, a more than 81% increase from its current value, after entering an uptrend.
“Bittensor has been range-bound between $190 and $740 since 2023. Now trading in the middle of that range, a move back to $740 looks increasingly likely.”
TAO is trading for $409 at time of writing, down 5.5% in the last 24 hours.
Lastly, the analyst says that memecoin Pudgy Penguins (PENGU) may be printing a similar bullish price pattern as the memecoin Pepe (PEPE) in 2024.
“So far, PENGU continues to mirror PEPE price action. If the pattern holds, the next target is $0.24. Don’t sleep on it!”
Looking at his chart, the analyst suggests PENGU may ultimately reach $1.30.
PENGU is trading for $0.0364 at time of writing, down 10.4% on the day.
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