A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) has massive upside potential after a breakout.
Analyst Ali Martinez tells his 85,200 followers on the social media platform X that DOGE may continue to surge after printing a bull flag pattern on the four-hour timeframe.
In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.
“Dogecoin is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds.”
DOGE is trading for $0.3771 at time of writing, down 3.1% in the last 24 hours.
Next up, the analyst says that layer-2 scaling solution Polygon (POL) may be gearing up for a rally.
Martinez shares an In/Out of the Money Around Price (IOMAP) chart, which aims to show addresses that are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions.
“81.60% of Polygon holders are currently ‘out of the money.’ With the level of skepticism surrounding this coin, a disbelief rally could be on the horizon!”
He says that Polygon’s project’s network activity is increasing, which signals a potential breakout.
“Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume and whale activity. These are all signs of growing interest and market participation, which typically suggest a bullish outlook for POL.”
Polygon is trading for $0.4349 at time of writing, up 1.6% in the last 24 hours.
Lastly, the analyst says that the TD Sequential indicator is flashing bullishness for the popular meme asset dogwifhat (WIF).
Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
“The TD Sequential indicator presented a buy signal on the WIF four-hour chart, anticipating a price rebound to $3.80!”
WIF is trading for $3.11 at time of writing, down 4.9% in the last 24 hours.
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Generated Image: Midjourney
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