An influential crypto analyst is optimistic about the future of leading memecoin Dogecoin (DOGE), suggesting that it may be on the brink of another significant price surge.
Crypto expert Ali Martinez, with a large following on X, believes that Dogecoin could be following a pattern similar to its market cycles in 2017 and 2021, where the coin experienced remarkable growth following sharp corrections.
“In 2017, Dogecoin embarked on a parabolic rally, surging 212%, retracing 40%, and then skyrocketing by 5,000%. In 2021, it saw a 476% increase, retraced 56%, and then went up by a staggering 12,000%.
Now, in 2024, DOGE has already risen by 440% and retraced by 46%. If history repeats itself, we may see another parabolic rally soon!”
According to Martinez’s analysis, Dogecoin could potentially reach above $1 if the projected parabolic rally materializes.
Examining the trader’s chart, it appears that a bullish signal is being flashed on the daily chart for DOGE based on the Tom DeMark (TD) Sequential Indicator, which is used by traders to anticipate trend reversals based on previous closing prices.
“The TD Sequential indicator is signaling a buy on the Dogecoin DOGE daily chart, indicating a potential price rebound!”
As of now, DOGE is valued at $0.32.
Shifting focus to Bitcoin (BTC), Martinez suggests that the leading cryptocurrency is mirroring its early 2024 price movements, potentially indicating upcoming rallies after breaching immediate support levels.
“Throwback to Bitcoin BTC.”
Based on Martinez’s analysis, Bitcoin may briefly drop below $90,000 if it continues to follow the early 2024 pattern. Currently, Bitcoin is priced at $94,133.
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