Another Dogecoin (DOGE) ‘parabolic rally is on the way,’ says expert
The post Another Dogecoin (DOGE) ‘parabolic rally is on the way,’ says expert appeared on BitcoinEthereumNews.com.
As Dogecoin (DOGE) struggles with short-term bearish sentiments, historical price movements and technical indicators suggest the top meme coin might be poised for another parabolic rally. This outlook comes from renowned cryptocurrency trading expert Ali Martinez, who drew parallels between Dogecoin’s 2017 and 2021 movements, hinting at explosive growth after significant retracements, as shared in an X post on December 23. Back in 2017, Dogecoin surged 212%, followed by a 40% retracement, before embarking on a 5,000% rally. Similarly, in 2021, DOGE climbed 476%, retraced by 56%, and soared by 12,000% to reach its all-time high. Dogecoin price analysis chart. Source: TradigView/Ali_charts The same pattern appears to be replicating in 2024, with the meme coin surging 440% before undergoing a 46% retracement, closely mirroring its previous cycles. According to Martinez’s analysis, this setup could signal the beginning of another parabolic move for Dogecoin. “Now, in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way,” Martinez said. Indeed, Dogecoin’s price has been confined within an ascending channel, a pattern often preceding major rallies. A breakout above the channel could signal a bullish reversal and trigger a parabolic rally. DOGE’s $0.70 price target In another X post on December 21, cryptocurrency trading analyst Javon Marks also highlighted that historical patterns could hint at another DOGE rally. The analyst noted the recent pullback mirrors price movements from 2020, when DOGE broke through descending resistance patterns, consolidated briefly, and surged over 122%, achieving more than double gains. Dogecoin price analysis chart. Source: TradigView The anticipated target for this rally is $0.73905, suggesting Dogecoin could revisit and surpass its all-time high. Besides the technical setup, Dogecoin’s potential to rally is also guided by fundamental factors, with Tesla (NASDAQ: TSLA) CEO Elon Musk’s influence remaining…
Filed under: News - @ December 23, 2024 10:27 am