Crypto analyst Ali Martinez sees Dogecoin following historical bullish patterns.
Martinez forecasts a potential 1,503% increase, hitting the $2 mark.
Multiple analysts highlight the potential for a significant rebound.
Crypto analyst Ali Martinez has reignited Dogecoin fervor, suggesting the popular meme coin could be primed for a major price jump. Drawing on historical patterns and technical indicators, Martinez predicts DOGE may break out of its current slump and potentially soar to new heights.
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!!! pic.twitter.com/YKtOYJd638
— Ali (@ali_charts) July 25, 2024
Later, Martinez also highlighted the potential breakout from a descending wedge pattern, suggesting an upward movement for the cryptocurrency. According to his 12-hour chart, DOGE has broken out of a downtrend following its first-quarter 2024 bull rally.
The chart also shows two converging trend lines forming a symmetrical triangle. Martinez explained that the breakout from this wedge could trigger a short-term rally to $0.05590, pushing Dogecoin up by 44% to $0.1844.
Furthermore, his 7-day chart shows three distinct descending triangle patterns in DOGE’s price history, each followed by significant rallies and retracements. After the first triangle pattern in the 2015-2016 cycle, Dogecoin rallied by 229.58% before a 60% retracement.
Meanwhile, the second pattern, from 2018 to 2021, saw a 138.04% rally, followed by a 56.20% retracement. In the current pattern, from 2022 to the present, Dogecoin surged by 207% in Q1 2024 but subsequently dropped by 60%. Following this trend, Martinez predicts Dogecoin will increase by 1,503% from its current value, hitting the $2 mark.
Analysts like Rekt Capital echoed this optimistic outlook, pointing to Dogecoin’s resistance to its major downtrend line and the potential for an uptrend. Pseudonymous crypto trader Chimp of the North also stated that Dogecoin is moving according to plan and needs to form a “base for price to go higher eventually.”
Earlier this year, Dogecoin broke out from a long-term downtrend from its 2021 peak, reaching a high of $0.2054 on March 5. Despite losing most of these gains, analysts expect a significant rebound soon.
Overall, the observations from multiple analysts suggest that Dogecoin might be positioned for a substantial price increase following its breakout from the descending wedge pattern.
The post Analyst Sees Potential for Dogecoin Price to Hit $2 appeared first on Coin Edition.
