A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to astronomical fresh all-time high levels.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE appears to be trading in a large ascending channel on the weekly chart.

An ascending channel is typically seen as a bullish structure as it suggests that an asset is printing higher highs and higher lows.

According to Martinez, Dogecoin looks to be gearing up for fireworks after respecting the diagonal support of the channel.

“A test of the middle or upper boundary of the channel puts Dogecoin DOGE at $2.40 or $18!” 

At time of writing, DOGE is trading for $0.383, suggesting a potential rise of 526% if the coin hits the trader’s first target and about 6,000% if it reaches Martinez’s second target.

Next up, the trader has his radar locked on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring 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’re seeing a similar setup, pointing to a bullish target of $7.20 for OP – a potential 340% gain.”

At time of writing, OP is worth $1.68.

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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.

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Dogecoin (DOGE) is in the middle of an explosive move, running more than 160% in less than a week as one of the main beneficiaries of the bounce in crypto markets.

DOGE is up 107% in the last week after adding $30 billion to its market cap in one day.

With DOGE gaining momentum, traders and analysts in the space are eyeing the top memecoin’s next move, focusing on the psychological $1 level.

Pseudonymous crypto trader Kaleo tells his 656,000 followers on the social media platform X that DOGE is now due for some chop and then a “flush” down, potentially below the $0.30 level before continuing higher.

“General PA (price action) here makes sense to me.

Chop under meme resistance (0.42069) for a minute, have one flush back down to high 20s / low 30s to shake out late longs and fomo (fear of missing out) top buyers, then continue to rip.”

Ultimately, Kaleo sees DOGE reaching the $1 mark, currently about a 170% rally.

“Roadmap to $1.00.”

Legendary commodities trader Peter Brandt recently accurately called DOGE’s breakout from an inverse head and shoulders (H&S) after breaking out of a channel. Brandt says a break of all-time highs – above $0.73 – is imminent.

“In Musk we Trust

DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”

Other veteran traders like the widely followed Bluntz have also called for $1 DOGE, saying that the crucial dollar level is “not the meme you think it is.”

Some analysts aren’t as confident in DOGE. Pseudonymous trader Donalt recently addressed his 595,000 followers on X warning that Dogecoin was a “coin of old” not likely to gain the attention of new retail market participants.

At time of writing, DOGE is trading at $0.37.

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An analyst known as a “Master Trader” on the crypto exchange Bybit believes that furious rallies are in sight for the top memecoin Dogecoin (DOGE).

Pseudonymous analyst Bluntz tells his 287,200 followers on the social media platform X that DOGE looks incredibly bullish after breaking out from an Adam and Eve double-bottom pattern against Bitcoin (DOGE/BTC).

The bullish structure suggests that DOGE/BTC has printed a major bottom and is poised to start a new uptrend.

“Tried to warn you all.

Crazy to think this thing is still just getting started.”

A bullish DOGE/BTC chart suggests that Dogecoin is in a position to outpace Bitcoin’s gains.

Looking at DOGE against the US dollar, Bluntz believes that the altcoin has the fuel to skyrocket over 260% from current levels.

“If only someone had been banging the DOGE drum for some time now.

$1 is not the meme you think it is.” 

At time of writing, Dogecoin is trading for $0.277, up over 27% in the past day.

Bluntz also has his radar locked on Ethena (ENA), a synthetic dollar protocol on Ethereum (ETH). According to the analyst, ENA is in the midst of a bullish reversal after breaking out from an inverse head-and-shoulders (IHS) pattern.

The breakout from the technical pattern suggests that ENA has fully entered bull territory.

Says Bluntz,

“ENA is a crazy bullish high timeframe chart, we see huge volume confirming the IHS breakout is real. BTC making all-time highs. 

Setups like this feel like easy plays for multiple Xs.”

At time of writing, ENA is worth $0.55.

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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.

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