Is Dogecoin Poised for a Major Rally?
Release: 2024/05/04 00:04 Reading: 619
You can also read this news on COINTURK NEWS: Is Dogecoin Poised for a Major Rally?
Crypto analyst and investor Ali Martinez highlights that Dogecoin (DOGE) is exhibiting price patterns akin to those preceding significant rallies. On social media platform X, Martinez informed his followers that DOGE, the top memecoin by market cap earlier this year, broke out of a descending triangle formation on the weekly chart, a bullish signal provided the price sustains above the upper trendline.
Analyst's Observations on Dogecoin (DOGE)
Ali Martinez provided an in-depth analysis of DOGE, the leading meme coin in the market. His analysis included insights on potential price movements and target levels.
Currently, DOGE is experiencing a 47% price correction, mirroring previous cycles that have historically fueled the next DOGE bull run!
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Martinez's analysis also highlighted similarities in DOGE's price behavior in 2017 and 2021.
In 2017, DOGE broke out of a descending triangle and embarked on a 982% bull run following a 40% pullback! In 2021, DOGE again broke out of a descending triangle and surged 12,197% after a 56% pullback! Over the years, Dogecoin appears to be replicating its historical bull cycles! Patience is key.
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While Martinez's analysis garnered attention, the DOGE price also captured interest. At the time of writing, DOGE traded at $0.1391, reflecting a near 5% gain. DOGE's market cap had surpassed $20 billion.
Shiba Inu's Price and Analyst's Observations
Martinez also provided an analysis of Shiba Inu (SHIB), the second-largest memecoin by market volume. Martinez indicated he had placed a buy order 20% below the current level, anticipating potential gains of nearly fourfold from this point.
Shiba Inu appears to be forming a bull flag on the daily chart! I am placing buy orders around $0.000018343, targeting a bullish breakout that could propel SHIB to $0.000072323.
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At the time of writing, the SHIB price continued its upward trajectory. Following a 3% increase over the past 24 hours, the price had reached $0.00002377. SHIB's market cap also grew to $14 billion during this period. However, the 24-hour trading volume had declined by 30% to $671 million.
The post first appeared on COINTURK NEWS: Is Dogecoin Poised for a Major Rally?
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