Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin

A well-known crypto strategist predicts that Dogecoin (DOGE), a popular memecoin, is on the verge of triggering significant rallies, potentially reaching new all-time highs.

Analyst Ali Martinez, sharing insights with his 80,000 followers on X, highlights that DOGE seems to be following a large ascending channel pattern on the weekly chart.

An ascending channel is typically viewed as a bullish pattern, indicating that an asset is forming higher highs and higher lows.

According to Martinez, Dogecoin is showing signs of preparing for a major move after staying within the boundaries of the channel’s support line.

“A test of the middle or upper boundary of the channel could lead Dogecoin DOGE to $2.40 or $18!”

Currently, DOGE is trading at $0.383, indicating a potential increase of 526% if the coin reaches the analyst’s initial target and approximately 6,000% if it hits Martinez’s second target.

Next on the radar for the analyst is Optimism (OP), the native asset of the Ethereum (ETH) scaling solution. Martinez observes a pattern in OP that previously led to exponential surges last year.

“Optimism OP has a history of forming market bottoms with ascending triangles, often resulting in 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 gain of 340%.”