Dogecoin Set For 1,700% Rally, Echoing Past Cycle Trends: Crypto Analyst
25 Julho 2024 - 12:30PM
NEWSBTC
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 Dogecoin’s 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 haven’t sold one single DOGE.
I’ve just been buying! Dogecoin is playing the same pattern we’ve
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 Dogecoin’s
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 DOGE’s
price to around $4 from its current level. Meanwhile, a rally
similar to the 2021 increase—about 1,700%—would approximately push
DOGE’s price to $2.4. Notably, Martinez’s 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
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