Crypto
analyst
Ali
Martinez,
known
as
@ali_charts
on
X,
has
shared
a
highly
optimistic
scenario
for
the
Dogecoin
(DOGE)
price
based
on
historical
price
movements
and
pattern
analysis
today.
Martinez
emphasized
a
repeating
cycle
in
Dogecoin’s
market
behavior,
suggesting
a
potential
for
massive
gains
similar
to
those
observed
in
previous
bull
runs.

Dogecoin
Price
Set
To
Repeat
History?

According
to
the

analysis,
Dogecoin
appears
to
be
following
a
consistent
pattern
where
it
consolidates
within
a
descending
triangle,
followed
by
significant
rallies
of
140%
to
230%.
This
is
typically
succeeded
by
retracements
ranging
from
56%
to
60%,
setting
the
stage
for
a
bull
run.

 

“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!!!”
Martinez
said
via
X.

The
chart
shared
by
the
crypto
analyst
illustrates
a
recurring
theme
in
Dogecoin’s

trading
history.
In
2016,
DOGE
price
successfully
broke
out
of
a
descending
triangle
pattern,
leading
to
a
substantial
rally
of
229.58%,
followed
by
a
significant
retracement
of
60.44%.
This
pullback
set
the
stage
for
the
primary

bull
run
surge
witnessed
in
2017.

Similarly,
in
2020,
Dogecoin
experienced
a
138%
rise
post
a
breakout
from
another
descending
triangle
pattern,
only
to
undergo
a
59.86%
decline
subsequently.
Nevertheless,
this
decline
cleared
the
way
for
yet
another
remarkable
price
surge
in
2021.

The
second
wave
of
price
surges
for
Dogecoin
has
historically
been
substantial.
Over
a
four-month
period
from
September
2017
to
January
2018,
DOGE
experienced
a
near
meteoric
rise
of
almost
2,900%,
climbing
from
$0.0007
to
$0.0194,
following
a
retracement
of
up
to
60%,
as
Martinez
noted.
In
the
last
cycle,
from
February
2021
to
May
2021,
Dogecoin
rallied
approximately
1,700%,
escalating
from
$0.041
to
its
all-time
high
of
$0.7316.

 

A
rally
akin
to
the
2017-2018
surge
—about
2,900%—-could
potentially
elevate
DOGE’s
price
to
around
$4
from
its
current
level.
Meanwhile,
a
rally
similar
to
the
2021
increase—about
1,700%—would
approximately
push
DOGE’s
price
to
$2.4.
Notably,
Martinez’s
chart
suggests
he
anticipates
a
clear
break
above
the
$2
mark,
although
no
exact
price
target
has
been
specified.

Already
in
March
this
year,
Martinez

wrote
via
X:
“I
feel
my
fellow
degens
have
been
distracted
with
the
new
shiny
memecoins,
but
Dogecoin
remains
the
most
important
altcoin
in
this
sector.
From
a
technical
perspective,
DOGE
seems
to

mirror
the
2018-2021
pattern.
If
so,
DOGE
could
be
at
the
very
beginning
of
a
massive
parabolic
bull
run!”
At
the
time,
Martinez
shared
a
chart
which
showed
that
he
expects
DOGE
to
exceed
$11
in
this
bull
run.

Yesterday,
Martinez
offered
a
short-term
price
forecast
for
DOGE,
stating
via
X:
“It
looks
like
Dogecoin
broke
out
of
a
wedge,
which
suggests
an
upside
target
of
44%!”
According
to
the
chart
presented
by
the
crypto
analyst,
the
next
key
short-term
resistance
levels
for
DOGE
are
positioned
at
$0.14479,
$0.1613,
and
$0.1844.

 

It
looks
like

#Dogecoin

$DOGE
broke
out
of
a
wedge,
which
suggests
an
upside
target
of
44%!

pic.twitter.com/Tyw7pF9TwG

—
Ali
(@ali_charts)

July
24,
2024

At
press
time,
DOGE
traded
at
$0.1241.

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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