A renowned cryptocurrency trader has forecasted a substantial surge for Dogecoin (CRYPTO: DOGE).
What Happened: Ali Martinez, a widely followed crypto analyst, has projected a 109% rise for Dogecoin if it manages to regain a crucial support level.
In a post on X, he shared that Dogecoin may be forming a bullish reversal pattern on the three-day chart and increase by more than 109% from its current value.
"If Dogecoin is truly forming a double bottom, this is the spot for a rebound. Reclaiming $0.26 as support could set the stage for a rally toward $0.46!" he mentioned.
The popular memecoin, currently priced at at around $0.2370, could rally to $0.46 if it successfully forms a bullish reversal pattern.
Also Read: Dogecoin Set To Soar 2,600% and Hit $1 Trillion Market Cap, Says This Crypto Analyst
Dogecoin continues to rank among the world's top cryptocurrencies, currently sitting at 8th place with a market valuation exceeding $35.6 billion.
In another post he mentioned that Dogecoin is back in a range that has historically served as a buying zone, triggering major bull runs.
In the past 24 hours alone, it has seen over $2.27 billion in trading activity—signaling robust market engagement and high liquidity, even in the face of recent price fluctuations.
Martinez also forecasted a potential 55% rise for Avalanche if it can turn the $27 level into support. The layer-1 blockchain is presently trading at $23.22.
Why It Matters: These predictions come at a time when the cryptocurrency market is experiencing significant volatility. The potential rallies for these altcoins could indicate a broader bullish trend in the crypto market.
Investors and traders will be closely watching these developments, as they could significantly impact the value of their holdings.
The predictions also underscore the increasing influence and acceptance of memecoins in the crypto market.
However, as with any investment, potential investors should conduct thorough research and consider the inherent risks associated with investing in cryptocurrencies.
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Image: Shutterstock/alfernec
