A widely followed cryptocurrency analyst hinted at a potential 200% rally for Dogecoin (CRYPTO: DOGE) on Sunday, advising followers to buy the dip.

DOGE Ready For Parabolic Surge?

Ali Martinez said that DOGE, which has traded within a broad channel between $0.0537 and $0.4595 for years, is finally “drifting back toward the floor.”

“I’m looking to buy the dip at $0.0537. If this floor holds, we could see a 200% rally back to the mid-range at $0.16,” Martinez said. “Get ready to buy Dogecoin.”

X Money A Factor?

When asked if $4.20 is a realistic target, Martinez said that X Money, the hotly-awaited payments service of Elon Musk‘s social media company X, could act as a catalyst.

Benzinga