A popular crypto analyst thinks Dogecoin (DOGE) is gearing up for a major price explosion in the coming weeks.
Ali Martinez tells His 50,700 followers on the social media platform
The move would represent an increase of almost 500% from Dogecoin’s current price.
Looking at the trader’s chart, he seems to predict that DOGE will rise quickly in the coming months after breaking above its range resistance, similar to what happened in 2017 and 2021.
DOGE is trading at $0.167 at the time of writing.
Martinez isn’t the only analyst predicting a DOGE price of $1.
Earlier this week, the pseudonymous analyst known as Altcoin Sherpa told his 209,800 followers on the social media platform that DOGE could reach the $1 level with the help of one of the memecoin’s biggest cheerleaders, billionaire Elon Musk.
Altcoin Sherpa, however, was less confident in the timeline.
“DOGE: Some random comments on this:
-I think this does something stupid, like go to $1-plus or something. It has too much firepower with Elon and is still the king meme.
-When this happens? I have no idea. It could be now, it could also be in six months.
-It won’t give you the same returns as 2021, given the market cap.
-This is a *relatively* safe trade in my opinion (IMO). I think the chance of this happening multiple times is quite high. Will it be a better risk-reward ratio than craving other things like SOL? Don’t know. Go as far down the risk curve as you want.”
Martinez also notes that there is currently strong market sentiment on Ethereum (ETH) challenger Fantom (FTM).
‘This Fantom chart may seem messy. However, it highlights a significant increase in whale transactions, an increase in FTM whale ownership and a reduction in FTM balances on exchanges.”
FTM is trading at $0.828 at the time of writing.
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Generated image: Midjourney