Cryptographic analyzer Ali Martinez He indicated that there is an imminent parabolic rise in the price of Dogecoin. Martinez predicted that the first memecoin could rise above $1 and reach $20 if history repeats itself.
Dogecoin price is set to rise above $1
in Share XAli Martinez shared an accompanying chart showing that Dogecoin price could rise above $1 if it reaches the middle border of the ascending channel. In particular, this middle limit puts Dogecoin’s target at $1.9. Meanwhile, the first meme could reach $20 if it reaches Upper limit From the channel.
Martinez shared this chart while hinting at Historical trendsWhich indicates that there is a parabolic rise on the horizon. The analyst noted that in 2017, when Dogecoin began a parabolic trajectory, it rose 212%, then fell 40%, before rising 5,000%. In 2021, DOGE rose 476%, fell 56%, and then rose 12,000%.
Therefore, Dogecoin price could follow this historical pattern again. Dogecoin actually rose 440% this market cycle and then fell 46%. If history repeats itself, DOGE may record another parabolic rise such as the 5,000% and 12,000% highs respectively.
Cryptographic analyzer Slow growing trader As we recently reported, Dogecoin price has formed an ascending channel from below, reaching near the upper line of the channel. In line with this, the analyst mentioned that a breakout could happen any moment from here. He pointed to the large candle observed in January 2021, and noted the possibility of a similar event occurring in January 2025.
Trader Tardigrade noted that Elon Musk will officially assume his duties as head of the Department of Government Efficiency (DOGE) in January 2025. The analyst believes this is one of the factors that could push the price of Dogecoin to new highs.
Price recovery is imminent
In a recent X post, Ali Martinez indicated that a Dogecoin price rebound was imminent. He stated that Sequential TD It provides a buy signal on the daily chart of DOGE, anticipating a price recovery. The accompanying chart showed that a bounce could send Dogecoin to $0.48 in the short term.
Slow growing trader He also indicated that recovery is imminent. It was stated that Dogecoin price ended the first half of the second wave. He pointed out that Dogecoin did not touch the orange line on the accompanying chart, but it is very close. In line with this, the analyst stated that Dogecoin will resume its upward trend very soon.
At the time of writing, Dogecoin price is trading at around $0.32, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com