A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to unprecedented new astronomical levels.
Analyst Ali Martinez tells his 80,000 followers on social media platform X that DOGE appears to be trading in a wide ascending channel on the weekly chart.
An ascending channel is generally considered a bullish structure because it suggests that an asset is exhibiting higher highs and higher lows.
According to Martinez, Dogecoin appears to be preparing for fireworks after respecting the channel’s diagonal support.
“A test of the middle or upper boundary of the channel places Dogecoin DOGE at $2.40 or $18!
At the time of writing, DOGE is trading at $0.383, suggesting a potential upside of 526% if the coin hits the trader’s first target and around 6,000% if it hits Martinez’s second target.
Next, the trader has their radar locked on the native asset of the Ethereum (ETH) Optimism (OP) scaling solution. According to Martinez, OP appears to reflect a pattern that led to parabolic rallies last year.
“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today we see a similar setup, pointing to a $7.20 bullish target for OP – a potential gain of 340%.
At the time of writing, OP is worth $1.68.
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