Dogecoin Set For 1,700% Rally, Echoing Past Cycle Trends: Crypto Analyst
Release: 2024/07/25 23:34 Reading: 962
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=631568
Dogecoin Price Analysis Predicts Potential Surge
Crypto analyst Ali Martinez (@ali_charts) presents an optimistic scenario for the Dogecoin (DOGE) price, based on historical price movements and pattern analysis.
Repeating Market Cycle
Martinez highlights a recurring pattern in DOGE's market behavior:
- Consolidation within a descending triangle
- Significant rallies of 140% to 230%
- Retracements ranging from 56% to 60%
- Bull runs
Past Examples
In 2016, DOGE broke out of a descending triangle, leading to a 229.58% rally and a subsequent 60.44% retracement before a bull run.
Similarly, in 2020, DOGE rose 138% after a descending triangle breakout, followed by a 59.86% decline before another price surge.
Potential Gains
Martinez suggests that DOGE is poised for another upward rally, with potential gains mirroring previous surges:
- A 2,900% increase (similar to 2017-2018) could elevate DOGE to around $4.
- A 1,700% rally (similar to 2021) would bring DOGE to approximately $2.4.
Martinez anticipates a break above the $2 mark.
Short-Term Forecast
Recently, Martinez identified a wedge breakout in DOGE's price, indicating a short-term upside target of 44%.
Key short-term resistance levels for DOGE include:
- $0.14479
- $0.1613
- $0.1844
At press time, DOGE trades at $0.1241.
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