Crypto analyst who is closely watched believes that top memecoin Dogecoin will soon launch another massive rally.
Ali Martinez, a crypto strategist on social media platform X told his 103.200 followers that Dogecoin could be following the same market cycle as in 2017 and 2021 when it ignited a rapid rise after experiencing a severe corrective.
In 2017, Dogecoin surged by 212% and then retraced 40 percent before rallying 5,000 percent. It went up by 476% in 2021. Then it retraced back 56% and then skyrocketed to 12,000 %.
In 2024, DOGE has increased by 440%, and the retracement is 46%. Another parabolic rise is likely if history repeats itself !”
If you look at the chart of this trader, it appears that he believes Dogecoin’s parabolic rise will take Dogecoin above $1.
Martinez, zooming in on DOGE’s daily chart, says that the Tom DeMark Sequential Indicator (TD) is flashing a positive signal. TD Sequential Indicator is used by traders to forecast potential trends reversals based on closing prices for the 13 bars and candles of tokens.
The TD Sequential gives a Buy Signal on the Dogecoin daily chart DOGE, anticipating a Price Rebound!
DOGE was worth $0.32 at the time this article was written.
The trader believes that Bitcoin’s (BTC) price may mirror its 2024 early-years action, when the cryptocurrency king breached a support level immediately before it triggered new rallies.
Bitcoin BTC. “Throw it back!”
According to the chart of the trader, it appears that he predicts Bitcoin’s brief dip under $90,000. This is if the pattern from early 2024 continues. Bitcoin was worth $94,133 at the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post A Parabolic Rally for Dogecoin is on the Horizon if History Repetition, Says Crypto-Strategist – This Is His Outlook could be updated as new information becomes available.
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