Dogecoin ($DOGE) has recently broken out of a wedge pattern, hinting at a potential 44% upside. Noted crypto analyst Ali Martinez has highlighted his unwavering confidence in DOGE, stating that he hasn’t sold any of his holdings and continues to accumulate more.
It looks like #Dogecoin $DOGE broke out of a wedge, which suggests an upside target of 44%! pic.twitter.com/Tyw7pF9TwG
— Ali (@ali_charts) July 24, 2024
Historically, Dogecoin has exhibited a consistent pattern: it consolidates within a descending triangle, experiences a substantial rally of 140% to 230%, and then undergoes a retracement of 56% to 60% before embarking on another bull run. Martinez believes that Dogecoin is once again following this familiar trajectory.
I haven't sold one single $DOGE. I've just been buying!#Dogecoin is playing the same pattern we've seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run.
So now we just wait!!! pic.twitter.com/YKtOYJd638
— Ali (@ali_charts) July 25, 2024
New Pattern Shows Dogecoin Might Experience Slight Price Decline
Drawing parallels to previous cycles, particularly those influenced by Bitcoin’s halving events, Martinez suggests that while the anticipated “face-melting pump” for DOGE is on the horizon, it may still be a bit early. Patience, he advises, is key.
A similar retracement to what was observed in January after the launch of the spot Bitcoin ETF could be in store for Dogecoin. Martinez points to a potential retest of the lower bounds of the channel for DOGE/BTC, which could set the stage for a significant surge.
If this retest plays out as anticipated, Dogecoin could rally to as high as $1. This aligns with Martinez’s forecast, underpinned by his analysis of DOGE’s historical patterns and market behavior.
I'm still prepared for one last nuke prior to a run up to $1.00+.
Based on the previous cycles relative to the BTC halving events, it's still a bit early to see DOGE have a face melting pump.
It'll happen – just have to have a bit more patience. pic.twitter.com/mRui866Qh0
— K A L E O (@CryptoKaleo) July 24, 2024
In summary, while Dogecoin’s journey to $1 may require some patience, the current breakout and historical patterns suggest a promising upside. Investors are advised to keep an eye on DOGE’s performance, particularly in relation to Bitcoin’s market movements and the broader crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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