A renowned cryptocurrency analyst believes that Dogecoin (DOGE), a popular memecoin, is preparing for another significant surge. Crypto strategist Ali Martinez, who has a large following on the social media platform X, suggests that Dogecoin may be following the same market cycles it experienced in 2017 and 2021, where the memecoin witnessed a severe correction followed by a meteoric rise.
“In 2017, Dogecoin experienced a parabolic run, surging 212%, retracing 40%, and then rallying 5,000%. In 2021, it rose by 476%, retraced 56%, and then skyrocketed by 12,000%. Now, in 2024, DOGE has already gone up by 440% and retraced by 46%. If history repeats itself, we can expect another parabolic rally!”
According to Martinez’s chart, if his prediction of a parabolic rally comes true, he believes Dogecoin could surpass the $1 mark. Upon closer examination, Martinez points out that DOGE is displaying a bullish signal on the daily chart based on the Tom DeMark (TD) Sequential Indicator. This indicator is used by traders to forecast potential trend reversals based on the closing prices of the previous 13 bars or candles.
“The TD Sequential Indicator is signaling a buy on the Dogecoin DOGE daily chart, indicating a potential price rebound!”
At the time of writing, Dogecoin is valued at $0.32. Shifting focus to Bitcoin (BTC), Martinez suggests that the leading cryptocurrency may be mirroring its early 2024 price action, where it breached an immediate support level before triggering new rallies.
“Throw it back! Bitcoin BTC.”
Based on Martinez’s chart, it appears that Bitcoin may briefly dip below $90,000 if it follows the pattern observed in early 2024. Currently, Bitcoin is valued at $94,133.
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Image source: Ali Martinez/X
