A prominent crypto trader believes that Dogecoin (DOGE), one of the most popular meme coins, has the potential to reach double-digit values based on historical patterns.
Historical Patterns Suggest Growth
Crypto strategist Ali Martinez shared with his 97,000 followers on the X platform that Dogecoin is currently in a consolidation phase, which could precede new all-time highs.
According to the chart shared by Martinez, DOGE is mirroring its behavior during the bull cycles of 2017 and 2021. The token is trading within a large upward channel, indicating that it is at the start of another growth cycle.
"Look at where we are in the Dogecoin bull cycle. We're just getting started! That's why I'm grateful for the current dip and plan to buy more between $0.40 and $0.30," Martinez said.
His long-term target is $3, with a potential spike to $18 if "things go wild."
At the time of writing, DOGE is trading at $0.391, reflecting a nearly 5% daily decline.
Cardano: Strong Support at $1
In addition to DOGE, Martinez also analyzed Cardano (ADA), a layer 1 protocol. Based on the In/Out of the Money Around Price (IOMAP) metric, Martinez states that ADA has strong support at the $1 level.
The IOMAP methodology identifies support and resistance levels by analyzing profitable, breakeven, or loss-making positions of crypto addresses. According to the data, more than 1 billion ADA has been accumulated at the $1 level across 41,720 addresses.
Cardano: Similar to 2020 Price Action
Martinez also pointed out the similarity between Cardano’s current price behavior and that of 2020, when the token experienced a retracement period before reaching new highs.
"Cardano is in the same position as in 2020. That's why I'm continuing to buy! Even if ADA drops to $0.76, I plan to buy more and take profits between $4 and $6."
Currently, ADA is trading at $1, confirming Martinez’s theory about strong support at this level.
Conclusion
According to Ali Martinez, Dogecoin is just beginning its bull cycle and could see significant price growth in the future. Similarly, Cardano has the potential to reach new highs based on historical patterns, making it an attractive investment. Both cryptocurrencies have strong investor support, and analysts are optimistic about their future performance.
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