Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead
Release: 2024/05/02 14:14 Reading: 676
The world's largest meme coin, Dogecoin, has come under massive selling pressure recently, dropping 17% over the last week and more than 33% over the last month. As of press time, the Dogecoin (DOGE) price is trading 4.5% down at $0.1255 with a market cap of $18.09 billion. However, market analysts continue to be bullish on the meme coin, stating that it has weathered such huge corrections in the past as well.
Dogecoin Price Gearing Up For 1000% Rally?
Crypto analyst Ali Martinez highlights the recurring pattern in Dogecoin's price behavior, suggesting that the current correction is typical before significant bull runs.
Martinez points out historical instances in 2017 and 2021 where the Dogecoin price experienced similar retracements before substantial price surges. In both cases, Dogecoin broke out of descending triangles, retraced by significant percentages (40% in 2017 and 56% in 2021), and then witnessed massive bull runs of 982% and 12,197%, respectively.
Martinez notes that in 2024, Dogecoin has once again broken out of a descending triangle and is undergoing a 47% price correction, resembling previous cycles, which could potentially precede the next Dogecoin bull run. On the other hand, there's a rising Dogecoin whale interest to support the rally ahead.
This observation suggests a recurring pattern in Dogecoin's price movements over the years, emphasizing the importance of patience for investors. If the DOGE price follows a similar trend as suggested by Martinez, we could see DOGE surging past $6.0 in the next crypto bull run.
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Courtesy: Ali Martinez
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Short-Term Price Action
Following a dip below $0.150, Dogecoin experienced continued declines, entering a short-term bearish trend akin to Bitcoin and Ethereum. The price fell below the crucial support zone at $0.1350, reaching a low of $0.1201 before stabilizing.
Although there was a slight recovery above $0.1250, gains were limited by resistance at $0.130. Currently trading below $0.1420 and the 100 simple moving average (4 hours), DOGE faces resistance near $0.130. The next significant barrier lies at $0.1350; failure to surpass this level could lead to further downward movement. Initial support is anticipated at $0.1220.
The subsequent significant support level is around $0.120. Should the price breach this support level to the downside, it may continue its descent. In such a scenario, the price could potentially drop towards the $0.1040 level.
The post Dogecoin's 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead appeared first on CoinGape.
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