A closely followed crypto trader believes that top memecoin Dogecoin (DOGE) could reach double digits based on historical patterns.
Crypto strategist Ali Martinez tells his 97,000 followers on social media platform
The trader shares a chart suggesting DOGE mirrors its price action during the 2017 and 2021 market cycles while trading within a wide ascending channel.
“Find out where we are in the Dogecoin DOGE bull cycle! Very early, right?
For this reason, I am grateful for the decline and will buy more between $0.40 and $0.30. The goal remains $3, and if things go wrong, $18! »
At the time of writing, DOGE is trading at $0.391, down almost 5% on the day.
Regarding the Cardano layer 1 protocol (ADA), Martinez says the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.
IOMAP ranks crypto addresses based on whether they are profiting, breaking even, or losing money – in order to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated more than 1 billion $1 ADA.
Zooming out, Martinez says Cardano appears to be following price action from 2020 when it experienced a retracement period before soaring to new highs.
“Cardano is doing the same thing as in 2020, that’s why I’m buying! Even if it goes down to $0.76, I buy more and expect to make profits between $4 and $6.
At the time of writing, ADA is trading at $1.
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