Dogecoin (DOGE) fractal regression, taking off from $0.32, could surge 7500% in the future! Is $23 the new target?
His prediction is based on a price pattern (fractal) regression in Dogecoin's weekly chart. Martinez believes that Dogecoin could rebound to a new historical high of $23.
To understand more clearly, a fractal is a pattern that frequently reappears in price charts, helping to predict the future trend of cryptocurrencies. As shown in the image below, since 2014, Dogecoin's price has consistently displayed a repeating descending triangle pattern on a weekly time frame.
This bullish fractal pattern has appeared multiple times in the past, and whenever Dogecoin breaks through the consolidation range, the price begins to rise. Martinez points out that Dogecoin broke through this fractal in 2017, when the price reached a historical high of $0.01877.
Similarly, in 2021, Dogecoin broke through the descending triangle pattern and surged to a historical high of $0.7 during the last bull market. Recently, this meme coin has once again broken through this historic fractal.
Based on the current trend on the weekly chart, Martinez believes that Dogecoin's price could experience a strong surge within the next year. He predicts that in the coming months, Dogecoin may break through $23, which means there could be a potential upside of 7500% from the current price level.
As of now, Dogecoin's price is slightly above $0.32, having increased by about 2.5% in the past day. Nevertheless, this increase is not enough for it to achieve profitability on a weekly basis.
According to CoinGecko data, Dogecoin remains the largest meme coin and is the seventh-largest cryptocurrency in the crypto market, with a market cap of approximately $47.4 billion.
