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The price of Dogecoin (DOGE), the OG meme coin, has been stuck for some time, but the stall may be nearing an end before the next big rally begins.
According to prominent crypto investor and technical analyst Ali Martinez, Dogecoin may be repeating history and signaling an upcoming bullish break in cryptocurrencies.
Is it time for a Dogecoin 200% rally?
Analyst Ali Martinez has a super bullish prediction for Dogecoin.
In a recent post on Twitter (aka
Each time this pattern appears, it is accompanied by a price increase of at least 200%. However, a 60% retracement followed before DOGE entered an even bigger bull market.
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The recurrence of this descending triangle pattern suggests that a potential bullish breakout for memecoin is just around the corner. Martinez noted that DOGE prices have already fallen by 65%. As such, experts believe meme coins may be poised for the “next big rally.”
The attached chart that Martinez shared in his analysis shows that Dogecoin recorded a 229.58% rally in 2017, rising to $0.00035 after breaking through a significant descending triangle formation. Similarly, DOGE broke out of the same triangle pattern from 2018 to 2021, resulting in an increase of 138.04% and pushing the price to $0.00318.
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
Following Dogecoin’s latest descending triangle pattern that started forming in 2021 and continued through 2024, Martinez envisions a price increase of 207.85%.
At the time of writing, DOGE was trading around $0.1077 after several failed attempts to break above the critical $0.11 level. An increase of more than 200% would push the price to $0.2236, the highest level since December 2021.
Basic outlook for DOGE
Beyond technical patterns, Dogecoin’s fundamental indicators also provide valuable insight into its potential trajectory.
Data tracked by IntoTheBlock shows that the large Dogecoin whale has stockpiled approximately 2.07 billion DOGE in the past week alone. The cryptocurrency analysis firm revealed that this is the largest accumulation since January. The attached graph shows that billions of dollars of DOGE were purchased from September 30th to October 5th.
Crypto analysts often use the purchasing patterns of large investors to estimate sentiment regarding the underlying asset. Whale trading involves large amounts of capital and can have a significant impact on asset prices. That being said, the Dogecoin whale could provide the firepower needed for a Doge price breakout in the near future.
