According to CryptoPotato, Dogecoin (DOGE) has experienced a 5% daily increase, with some analysts predicting a significant rally based on historical patterns and key metrics such as the Relative Strength Index (RSI). The largest meme coin by market capitalization saw a 7% price increase last week, although it briefly lost momentum, dropping to around $0.12 before rising to $0.13 again, according to CoinGecko data.
Popular X user Ali Martinez suggests that these price fluctuations are part of a bullish trend that could lead DOGE to a new all-time high in the coming months. Martinez noted that Dogecoin previously consolidated in a descending triangle in 2016 and 2021, followed by a triple-digit price rally. He expects a similar surge soon, stating, “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.” Martinez also mentioned that he has been accumulating more DOGE tokens recently.
Other analysts, including X users Mags and KALEO, also foresee a promising future for Dogecoin. Mags claimed last month that the accumulation phase was over and that a “parabola” stage could soon push the price above $1. KALEO argued that DOGE has the ability to move sideways for extended periods, followed by rapid, vertical growth, and even suggested that it might outpace Bitcoin (BTC).
The Relative Strength Index (RSI) for DOGE also indicates a potential rally. The RSI measures the change and speed of price movements, ranging from 0 to 100. A ratio above 70 suggests a possible correction, while lower points indicate an uptick. Currently, the RSI stands at 50, similar to its position at the end of March and the beginning of April when DOGE’s valuation rose above $0.22.
