A well-known crypto expert is suggesting that Dogecoin (DOGE), one of the most popular memecoins, could be on the verge of a major surge similar to its previous explosive rallies.
Ali Martinez highlighted how DOGE’s current behavior is reminiscent of its rapid climbs in 2017 and 2021, which followed substantial price corrections.
In 2017, Dogecoin skyrocketed by 212%, then corrected by 40%, only to surge an incredible 5,000%. In 2021, after rising 476%, it faced a 56% pullback, but then shot up by 12,000%.
According to Martinez, the pattern could be repeating now in 2024, as Dogecoin has risen 440% before pulling back 46%. He believes that this could set the stage for another parabolic rally.
Martinez’s chart analysis further suggests that DOGE could surpass the $1 mark if this pattern holds true. Additionally, he points to a bullish signal on Dogecoin’s daily chart, highlighted by the Tom DeMark (TD) Sequential Indicator, a tool used by traders to forecast potential trend reversals.
Martinez indicates that the indicator is showing a buy signal for DOGE, which could suggest a price rebound is on the horizon.
