Cover image (via www.freepik.com)
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Dogecoin (DOGE) price has been stuck for a while now, but it may be counting down the days until the next big breakout. Dogecoin history may be about to unfold again, according to market analyst Ali Martinez.
What is Dogecoin up to?
The digital currency is exhibiting a well-known pattern of a breakout from a multi-year descending triangle. Each time this pattern appears, it is accompanied by a price increase of at least 200%. A 60% retracement is then recorded before a massive bullish rally is recorded.
related
Dogecoin just completed the second phase of this trend, following a 65% retracement. Ideally, a bull market rally is expected. However, the coin could settle for at least 200% appreciation in the medium term.
According to Martinez’s chart, this trend dates back to 2015, with three rounds recorded since then. While past performance is not necessarily indicative of future results, many trends in the DOGE lifecycle, including whale adoptions, are often similar.
History often repeats itself, #Dogecoin Maybe that’s exactly what he’s doing.
Common pattern: breakout from a multi-year descending triangle, 200% spike, 60% retracement, and bull market.
After a recent drop of 65%, $Doge You might be getting ready for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
As of this writing, the coin price has increased by 2.55% in 24 hours and is fixed at $0.1118. A 200% rise would push the price to $0.2236, the highest level since at least mid-December 2021.
Not a linear ride
Despite its clear historical formation, Dogecoin may show a different linear rise than predicted. This is because the broader cryptocurrency market is in a consolidation mode rather than a breakout phase.
related
In particular, the memecoin ecosystem has seen a notable shift from dominant alternative coins DOGE and Shiba Inu (SHIB). New networks like Sui are creating more promising options and may compete with DOGE, SHIB, PEPE, and WIF in the long run.
Dogecoin is also a meme coin without a strong internal ecosystem foundation that could help print solo rides. However, the Elon Musk Association has given mild assurances that DOGE may soon secure the necessary promotion for the rally.
