Renowned crypto analyst Ali Martinez has recently shared an intriguing price prediction for Dogecoin (DOGE).
Based on technical analysis, Martinez suggests that if DOGE continues to follow its ascending parallel channel pattern, the price could potentially surge by 6,770%. Currently, the DOGE price is trading at around $0.31, showing a modest decline of 2.2% in recent trading.
Looking at DOGE’s historical data, the cryptocurrency has been trading within an ascending parallel channel since 2016. This pattern has witnessed several remarkable price movements. In 2017, DOGE experienced a substantial rally, climbing from $0.00042 to $0.0184, marking a 4,899.88% increase.
The most notable surge occurred in 2021 when DOGE skyrocketed from $0.0078 to $0.733, delivering an impressive 12,197% gain. More recently in 2024, DOGE has already shown significant momentum with a 444.60% increase, moving from $0.222 to $0.395.
The cryptocurrency’s price movements have consistently respected the boundaries of this channel, with the lower boundary serving as strong support during corrections and the upper boundary acting as resistance during bullish phases.
Following major rallies, DOGE typically experiences corrections of 45-50% before consolidating and resuming its upward trajectory. This pattern was recently demonstrated when DOGE corrected by 45.83%, dropping from $0.395 to $0.222, before showing signs of recovery.
Martinez’s analysis suggests that DOGE’s current position at $0.321, situated near the middle of the channel, could potentially lead to significant upward movement if historical patterns repeat. The projected 6,770% rally would place DOGE near $17.767, aligning with the upper boundary of the channel. However, it’s worth noting that historical patterns, while interesting to observe, don’t guarantee future performance in the cryptocurrency market.
Read also: Chainlink (LINK) Displays Bullish Pattern as Analyst Predicts Price Targets of Up to $73
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
