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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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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Generated Image: Midjourney

Dogecoin price recorded 43.4% extended gains over the last 24 hours and is now trading at $0.4050. This increase follows Bitcoin’s aggressive surge to a new all-time high of $89,561. Moreover, the price rise has resulted in a breakout of a 3-year resistance level, which could catapult DOGE’s price back to its previous all-time high and higher, potentially to $1.8.

Dogecoin Price Soars Amid Bitcoin Price Explosion

Following BTC’s price surge, Dogecoin now sits at a $53 billion market cap, just below BNB (BNB). This is the highest DOGE price in the last 3 years and is just about 2X away from reaching its previous all-time high. The next leg up from here could see the dog-themed meme coin displace BNB and Solana (SOL) and be the fourth-largest crypto asset by market cap.

DOGE is the best performer among the top 10 crypto assets (excluding stablecoins). It has gained 252% in the last 30 days, followed by Cardano (ADA) at 66%. XRP (XRP) was the worst-performing asset in the top 10 in the last month, gaining only 12%.

Dogecoin Eyes Additional Gains Back To ATH

After breaching the $0.35 resistance, Dogecoin’s price has little obstacle ahead. The path to the previous all-time high is clear, and on-chain metrics support an extended move higher. Coinglass data shows over $320 million worth of Longs compared to only $20 million Shorts across Binance, OKX, and Bybit. This imbalance suggests bullish sentiment dominates the market, and Dogecoin may surge higher.

IntoTheBlock data indicates that 95.25% of Dogecoin investors are in profit, with only 0.02% in loss and 4.73% at the money. This figure could quickly change as the Dogecoin 24-hour trading volume has increased by 26% per Coingecko data, suggesting that investors are still buying into the project.

Dogecoin Eyes New All-Time High At $1.8

Based on the current volatility in Dogecoin price action, market observers project that DOGE could surge above $1 by the end of the year. The DOGE chart shows a strong upward breakout from a prolonged accumulation phase, pushing above the major resistance levels around $0.23 and $0.35. The next major resistance is around $0.7605, a level that DOGE last reached during its peak in 2021.

Dogecoin price forecast shows the asset might be entering an impulsive wave, potentially targeting higher resistance levels in the next bullish wave. If this rally sustains, it could push toward $0.76 as the final target within this wave.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.