Dogecoin (DOGE) fractal returns, takes off from $0.32, and may soar 7,500% in the future! $23 becomes the new target?
His prediction is based on a price pattern (fractal) return in the weekly chart of Dogecoin. Martinez believes that Dogecoin has the potential to rebound to a record high of $23.
To understand more clearly, fractals are patterns that often recur in price charts and can help predict the future trend of cryptocurrencies. As shown in the figure below, the price of Dogecoin has been showing a recurring descending triangle pattern on a weekly time frame since 2014.
This bullish fractal pattern has appeared many times in the past, and every time Dogecoin breaks out of the consolidation range, the price will start to rise. Martinez pointed out that Dogecoin broke through this fractal in 2017, when the price reached an all-time high of $0.01877.
Similarly, in 2021, Dogecoin broke out of the descending triangle pattern and soared to an all-time high of $0.7 in the last bull run. And recently, this meme coin broke through this historic fractal again.
Based on the current trend on the weekly chart, Martinez believes that the price of Dogecoin has the potential to see a strong rise in the next year. He predicts that Dogecoin could break through $23 in the coming months, which means there could be a 7,500% upside from the current price level.
As of now, the price of Dogecoin is just above $0.32, up about 2.5% in the past day. Still, this increase is not enough for it to be profitable in the weekly range.
According to Coingecko data, Dogecoin remains the largest meme coin and the seventh largest cryptocurrency in the crypto market with a market capitalization of about $47.4 billion.
