Renowned on-chain analyst Ali Martinez has shared a Dogecoin (DOGE) historical chart detailing what he sees as a bullish outlook for the leading memecoin in the coming months.
Parabolic Run Incoming?
According to Martinez, the price action of DOGE appears to mirror patterns seen in its past bull run (in 2017 and 2021), and “if history repeats itself, we could see DOGE enter a parabolic breakout around April.”
The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April! pic.twitter.com/fL1J3CP3mR
— Ali (@ali_charts) February 26, 2024
His analysis identified a recurring pattern in the DOGE chart, where a specific formation appeared before each breakout. He believes this pattern suggests the potential for a similar breakout pattern to occur on April 22.
According to the analyst, this breakout could see the price of DOGE hit $1.7 and then to $3.5 and beyond.
Martinez’s analysis pointed out the specific periods, 2017 and 2021, where DOGE saw significant price increases of 8,700% and 23,740%, respectively.
A Resurgence?
Over the weekend, Martinez called the attention of the Dogecoin community to DOGE price behavior that aligns it with its rally in 2020.
The analyst pointed out that in 2020, DOGE emerged from a descending triangle pattern (a technical indicator often associated with potential price increases), followed by a period of consolidation before experiencing a staggering 28,770% surge.
“Currently, DOGE appears to be mirroring this pattern: having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run,” he said.
Meanwhile, Martinez’s analysis comes as the price of DOGE has struggled over the past week. DOGE was trading at $0.086 when filing this report, representing a 0.25% drop in the past 24 hours and a mild 1% drop over the past week.
In another development from last month, another analyst, Crypto Patel, predicted that DOGE’s price could rally in the coming months. His analysis pointed out critical support and resistance levels that will pave the way for a potential $5 DOGE price.
