Dogecoin Set For 1,700% Rally, Echoing Past Cycle Trends: Crypto Analyst
Crypto analyst Ali Martinez, known as @ali_charts on X, has shared a highly optimistic scenario for the Dogecoin (DOGE) price based on historical price movements and pattern analysis today. Martinez emphasized a repeating cycle in Dogecoins market behavior, suggesting a potential for massive gains similar to those observed in previous bull runs.
Dogecoin Price Set To Repeat History?
According to the analysis, Dogecoin appears to be following a consistent pattern where it consolidates within a descending triangle, followed by significant rallies of 140% to 230%. This is typically succeeded by retracements ranging from 56% to 60%, setting the stage for a bull run.
I havent sold one single DOGE. Ive just been buying! Dogecoin is playing the same pattern weve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run. So now we just wait!!! Martinez said via X.
The chart shared by the crypto analyst illustrates a recurring theme in Dogecoins trading history. In 2016, DOGE price successfully broke out of a descending triangle pattern, leading to a substantial rally of 229.58%, followed by a significant retracement of 60.44%. This pullback set the stage for the primary bull run surge witnessed in 2017.
Similarly, in 2020, Dogecoin experienced a 138% rise post a breakout from another descending triangle pattern, only to undergo a 59.86% decline subsequently. Nevertheless, this decline cleared the way for yet another remarkable price surge in 2021.
The second wave of price surges for Dogecoin has historically been substantial. Over a four-month period from September 2017 to January 2018, DOGE experienced a near meteoric rise of almost 2,900%, climbing from $0.0007 to $0.0194, following a retracement of up to 60%, as Martinez noted. In the last cycle, from February 2021 to May 2021, Dogecoin rallied approximately 1,700%, escalating from $0.041 to its all-time high of $0.7316.
A rally akin to the 2017-2018 surge about 2,900%-could potentially elevate DOGEs price to around $4 from its current level. Meanwhile, a rally similar to the 2021 increaseabout 1,700%would approximately push DOGEs price to $2.4. Notably, Martinezs chart suggests he anticipates a clear break above the $2 mark, although no exact price target has been specified.
Already in March this year, Martinez wrote via X: I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important altcoin in this sector. From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run! At the time, Martinez shared a chart which showed that he expects DOGE to exceed $11 in this bull run.
Yesterday, Martinez offered a short-term price forecast for DOGE, stating via X: It looks like Dogecoin broke out of a wedge, which suggests an upside target of 44%! According to the chart presented by the crypto analyst, the next key short-term resistance levels for DOGE are positioned at $0.14479, $0.1613, and $0.1844.
It looks like #Dogecoin $DOGE broke out of a wedge, which suggests an upside target of 44%! pic.twitter.com/Tyw7pF9TwG
Ali (@ali_charts) July 24, 2024
At press time, DOGE traded at $0.1241.
Featured image created with DALL·E, chart from TradingView.com
Read more: https://www.newsbtc.com/news/dogecoin/dogecoin-1700-rally-past-cycle-trends/
Text source: NewsBTC
