A closely followed crypto trader believes that Dogecoin (DOGE) could be gearing up for a massive rally to the tune of over 530%.
Analyst Ali Martinez tells his 59,800 followers on the social media platform X that Dogecoin has remained faithful to a pattern seen during the 2017 and 2021 bull cycles.
According to the trader, DOGE appears to be consolidating in preparation for a big rally en route to a fresh all-time high.
“Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle.
Based on past trends, we might just see DOGE rocket toward $1 in the coming weeks!”
At time of writing, DOGE is trading for $0.158, suggesting an upside potential of 538% if the top memecoin hits the target.
Zooming in, Martinez says that the Tom DeMark (TD) Sequential Indicator just flashed a bullish signal on DOGE’s daily chart.
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.
According to the analyst, the indicator suggests that DOGE may see rallies for one to four days.
Next up, the analyst also believes that the layer-1 protocol Saga (SAGA) is primed for rallies based on a TD Sequential Indicator reading.
“SAGA is about to invalidate the sell signal presented by the TD Sequential on the four-hour chart. A sustained close about the risk line at $4.87 could see this token rise 10% to 40%, toward $5.39 or even $6.83.”
At time of writing, SAGA is worth $4.37.
The last altcoin on the trader’s list is the native asset of Tensor (TNSR), a Solana (SOL)-based non-fungible token (NFT) marketplace.
According to the analyst, TNSR is threatening to take out its immediate resistance around $1.10.
“After a brief correction, TNSR is now slicing through TD Sequential’s risk line. A sustained close above $1.10 could continue the recent breakout toward $1.30 or $1.52.”
At time of writing, TNSR is worth $1.05.
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Generated Image: Midjourney