Dogecoin (DOGE) is set to go parabolic, according to cryptocurrency analyst Ali Martinez, who predicts that if history repeats itself, the leading meme coin could rise above $1 and potentially even break $20.
Dogecoin price expected to break through $1
In his X post, Ari Martinez shared an accompanying chart showing that if Dogecoin can reach the middle boundary of the ascending channel, its price could rise above $1. Specifically, this middle boundary sets the target price of Dogecoin at $1.9. Meanwhile, if Dogecoin can break through the upper boundary of the channel, its price could even go as high as $20.
This prediction suggests that Dogecoin could experience a sharp rise and attract more investor attention if it sees strong market momentum in the future.
Martinez shared the chart and mentioned historical trends, indicating that Dogecoin is about to have a parabolic rally. He pointed out that similar movements have occurred in history: in 2017, when Dogecoin began its parabolic rise, it soared 212%, then retraced 40%, and then rose 5,000%. In 2021, Dogecoin rose 476%, retraced 56%, and then soared 12,000%.
Therefore, Martinez believes that the price of Dogecoin is likely to follow this historical pattern again. In this round of market cycle, Dogecoin has risen 440% and then retreated 46%. If history repeats itself, Dogecoin is expected to experience a parabolic rebound similar to 5,000% or 12,000%.
Cryptocurrency analyst Trader Tardigrade also mentioned that the price of Dogecoin has formed an upward channel from the bottom, and the current price is close to the upper limit of the channel. The analyst believes that a breakthrough is possible at any time from now on. He specifically mentioned the big candle in January 2021 and hinted that a similar trend may occur in January 2025.
Tardigrade also mentioned that Elon Musk will officially serve as the head of the "Department of Government Efficiency" (DOGE) in January 2025, which may become one of the key factors driving the price of Dogecoin to a new high.
Price rebound is coming
In a recent X post, Ari Martinez said that a Dogecoin rally is imminent. He noted that TD Sequential has issued a buy signal on the daily chart of Dogecoin and expects the price to rebound. According to his chart analysis, Dogecoin has the potential to rise to $0.48 in the short term.
Combining the current market sentiment and technical signals, Dogecoin seems to be gathering momentum and could see a strong rebound at any time.
Trader Tardigrade also said that Dogecoin's rebound is coming. He pointed out that the price of Dogecoin is approaching the upper half of the second wave of rise. Although it has not yet touched the orange line in the attached figure, it is very close to this key level. According to his analysis, Dogecoin is likely to resume its upward trend soon and start a new upward phase.
At the time of writing, Dogecoin is trading around $0.32, up more than 2% in the past 24 hours, according to CoinMarketCap.
