Dogecoin (DOGE) Is in a Parabolic Bull Run: Ali Martinez

Ali Martinez, a crypto analyst, believes that Dogecoin (DOGE) is in a parabolic bull run on a weekly chart. Retailers and institutional investors are leading this bull run.

Dogecoin (CRYPTO: DOGE) is in a parabolic bull run on the weekly chart, and both retailers and institutional investors are leading this bull run, according to crypto analyst Ali Martinez.

Dogecoin Price Trajectory Headed For Historic Breakout?

Dogecoin price action appears to be forming within a parallel channel on the 4-H time frame. After a strong rally, the momentum has paused, and another push is needed to continue the bullish trend. Once the price triggers a breakout from the channel, we can expect massive buying.

On the other hand, if the Dogecoin price drops below the channel, it could slide to the 200-day EMA due to profit booking. Suppose the price starts trading below the 200-day EMA; sellers would take over the trend.

The technical chart of $DOGE is displaying a potential growth of 360% in its price from the previous low. The momentum indicators are suggesting another rally in the Dogecoin price and could reach the overbought territory.

The Money Flow Index (MFI) is at a neutral 55.94. This indicates that investors are showing their involvement this week, as there is a strong momentum, and before that, some were pending. Staking in Dogecoin instead of Bitcoin by investors could result in another rally in DOGE.

And even after the recent 360% price increase, #Dogecoin still hasn’t reached overbought levels.

According to Martinez, the Dogecoin price action appears to follow a parallel channel. This is a technical pattern that might be guiding future movement. The base of the token’s recovery was a high level of the channel’s lower boundary.

Martinez sees Dogecoin having a chance to hit $2.40 in the near future. According to him, the token can face long-term resistance at $18 based on this pattern.

From a different angle, historical data reveals that #Dogecoin tends to peak around the 1.618 and 2.272 Fibonacci retracement levels.

These key levels currently sit at $3.95 and $23.26, respectively.

Dogecoin price has stuck in a parallel channel on top in a 4-H time frame. After a strong rally, the momentum has halted, and another push is needed to continue the bullish trend. Once the price triggers a breakout from the channel, we can expect massive buying.

If the Dogecoin price surpasses the recent high, it could generate buying pressure. In contrast, if the price slips below the channel, it could melt to the 200-day EMA due to profit booking. Suppose the price starts trading below the 200-day EMA; sellers would take over the trend.

Dogecoin Momentum: Whales & Retail Traders Fuel The Surge

Dogecoin’s surge is being driven by whales, but the token also has room to grow, according to the author.

Coinbase (NASDAQ:COIN) activities show that retail interest in Dogecoin is increasing more than ever. This is due to discussions about Dogecoin on Twitter (NYSE:TWTR) among regular traders.

Historically, this grassroots enthusiasm has impacted the Dogecoin price, causing spikes when they occur.

The trading metrics also suggested retail interest in Dogecoin. According to CoinMarketCap, the $DOGE market cap has increased significantly. It rose to $55.08 Billion in just one day, or 3.82%.

This article is intended for informational purposes only and does not provide financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.