A popular crypto analyst thinks meme crypto asset Dogecoin (DOGE) is gearing up for a big price explosion in the coming weeks.
Ali Martinez tells his 50,700 followers on the social media platform X that historical patterns indicate the top meme asset could hit $1 by mid-April.
The move would represent a nearly 500% increase from Dogecoin’s current price.
Looking at the trader’s chart, he seems to predict that DOGE will meteorically rise in the next month or so after moving above its range resistance, similar to what happened in 2017 and 2021.
DOGE is trading at $0.167 at time of writing.
Martinez isn’t the only analyst to predict a $1 DOGE price.
Earlier this week, the pseudonymous analyst known as Altcoin Sherpa told his 209,800 followers on the social media platform that DOGE could hit the $1 level with help from one of the memecoin’s biggest cheerleaders, billionaire Elon Musk.
Altcoin Sherpa, however, was less confident about the timeline.
“DOGE: some random notes on this one:
-I think that this does something stupid, like go to $1-plus or something. It’s got too much firepower with Elon and is still king meme.
-When this happens? I have no idea. Could be now, could be six months from now.
-It won’t give you the same returns as 2021 given market cap.
-This is a *relatively* safe trade in my opinion (IMO). Like I think the chances of this doing several x is quite high. Is it going to be a better risk-to-reward ratio than longing other stuff like SOL? I don’t know. Go as far down the risk curve as you want.”
Martinez also notes that there’s currently strong market sentiment about Ethereum (ETH) challenger Fantom (FTM).
“This Fantom chart might seem cluttered. However, it’s highlighting a significant uptick in whale transactions, a rise in FTM whale holdings, and a reduction in FTM balances on exchanges.”
FTM is trading at $0.828 at time of writing.
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Generated Image: Midjourney
