Is DOGE Price Gearing For A 7,500% Rally?

The Dogecoin price has struggled to build on its bullish momentum over the past few weeks, sinking to as low as $0.267 on December 20.

Dogecoin (DOGE) has had a rough 2022, largely trading within a narrow range after meme coin mania fizzled out earlier in the year. However, a new analysis suggests that the meme coin could be gearing up for a 7,500% rally in 2023.

According to the analysis by prominent crypto analyst Ali Martinez, a returning price pattern (fractals) in the Dogecoin weekly chart suggests that the token could rally to a new all-time high of $23. For clarity, fractals are repeating patterns in price charts that can help predict future price movements for a particular cryptocurrency.

As shown in the chart below, the Dogecoin price has been in a recurring descending triangle pattern on the weekly timeframe since as far back as 2014. This bullish fractal has occurred multiple times in the past, with the Dogecoin price embarking on a positive run after breaking out of the consolidation range.

Dogecoin Fractal Chart by Ali Martinez on X

For instance, the price of DOGE broke out of the fractal in 2017, reaching a then-all-time high of $0.01877. Similarly, the Dogecoin price broke out of the descending triangle in 2021, skyrocketing to the current all-time high of $0.7 during the previous bull cycle. Most recently, the meme coin has just broken out of this historical fractal once again.

With the current setup on the weekly chart, the price of Dogecoin looks set for a bullish explosion in the coming year. According to Martinez, the largest meme coin could travel as high as the $23 mark over the next few months, representing a 7,500% rally from the current price point.

At the time of writing, the price of Dogecoin is trading at $0.31, up about 2.5% in the past day. However, DOGE is still down more than 80% from its record high.