Dogecoin (DOGE) May Be Gearing Up to Unleash Another Parabolic Rally, Crypto Analyst Says

A closely followed crypto analyst believes top memecoin Dogecoin (DOGE) is gearing up to unleash another parabolic rally.

Cryptocurrency analyst Ali Martinez believes that top memecoin Dogecoin (DOGE) is preparing for another parabolic rally.

According to Martinez, Dogecoin tends to experience a massive surge, followed by a significant correction, before embarking on another一波上涨. He highlights three distinct periods in Dogecoin’s price history to support his observation.

In 2017, Dogecoin surged 212%, corrected 40%, and then went on to rally 5,000%. In 2021, the memecoin ascended 476%, retraced 56%, and then soared 12,000%.

“Now in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way!”

Examining Martinez’s chart, it appears that his prediction suggests Dogecoin could soar past $1 if the parabolic rally materializes.

Zooming in on Dogecoin’s price action, Martinez identifies a bullish signal on the daily chart using the Tom DeMark (TD) Sequential Indicator.

The TD Sequential Indicator is a technical analysis tool used by traders to identify potential trend reversals for a token based on the closing prices of its 13 previous bars or candles.

“The TD Sequential presents a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”

At the time of writing, DOGE is valued at $0.32.

Shifting his attention to Bitcoin (BTC), the trader notes that the crypto king seems to be mirroring its price action in early 2024, where it breached an immediate support level before sparking new rallies.

“Throw it back! Bitcoin BTC.”

Based on the trader’s chart, his prediction suggests that BTC could briefly dip below $90,000 if it follows the early 2024 pattern. At the time of writing, Bitcoin is valued at $94,133.

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