Dogecoin Mirroring Price Action That Preceded Massive Bull Runs in the Past, Says Trader – Here’s His Outlook
Release: 2024/05/03 17:33 Reading: 368
Cryptocurrency Analyst Predicts Dogecoin Bull Run
Cryptocurrency analyst and trader Ali Martinez observes that Dogecoin (DOGE) is exhibiting a price pattern that has historically preceded significant rallies.
Martinez shared his insights with his 61,200 followers on X, highlighting that the largest memecoin by market cap broke out of a descending triangle on the weekly chart earlier this year. This is considered a bullish signal when the price breaks above the upper trend line.
"It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!"
src="/uploads/20240504/17148000936635c5dd11d45.png">
Source: ali_charts/X
According to Martinez, Dogecoin displayed similar price behavior in 2017 and 2021.
"In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!"
src="/uploads/20240504/17148000936635c5dd11d45.png">
Source: ali_charts/X
"In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!"
src="/uploads/20240504/17148000936635c5dd11d45.png">
Source: ali_charts/X
"Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience."
src="/uploads/20240504/17148000936635c5dd11d45.png">
Source: ali_charts/X
At the time of writing, Dogecoin is trading at $0.13.
Shiba Inu Bull Flag Formation
Martinez also analyzed the second-largest memecoin by market cap, Shiba Inu (SHIB). He has entered a long position nearly 20% below the current level and is targeting a gain of close to 4x.
"Shiba Inu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends SHIB to $0.000072323."
src="/uploads/20240504/17148000936635c5dd11d45.png">
Source: ali_charts/X
SHIB is currently trading at $0.0000225.
Source: https://thebittimes.com/dogecoin-mirroring-price-action-that-preceded-massive-bull-runs-in-the-past-says-trader-here-s-his-outlook-tbt87311.html
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