Wednesday, April 17, 2024
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Will It Rise Above $1 Soon?

The Dogecoin price has been trending sideways on low timeframes, but the cryptocurrency might be gearing up for a massive rally. The bull run across the nascent sector has been unkind to the king of the memecoins, but an analyst pointed at a potential change in direction towards a fresh all-time high.

As of this writing, DOGE has stalled at its current levels with a 2% loss over the past 24 hours. Over the previous seven days, the token has recorded similar performance, but it remains green on the 2-week and 30-day horizon.

DOGE’s price trends to the upside on the daily chart. Source: DOGEUSDT on Tradingview

Dogecoin Price Aims For The Moon? 23,000% Rally Possible

According to analyst Ali Martinez, the Dogecoin price is moving with previous bullish trends. Despite the low timeframe bearish momentum, the king of the memecoins could record a new massive rally above its current all-time high near the $0.80 level.

As seen in the chart below, the Dogecoin price experiences a sideways trend, which can extend to 679 days before exploding into a new all-time high. On DOGE’s weekly chart, the token records profits of 8,000% and 23,000% each time this happens.

In late 2017, when the price of Bitcoin rose to $20,000, the Dogecoin price followed and broke the 679-day sideways trend with an 8,700% rally. In 2021, the memecoin experienced a similar breakout but with an even bigger rally.

dogecoin doge dogeusdt chart 1
DOGE’s price on the brink of a new rally? Source: Ali Martinez

As the chart shows, Dogecoin might see an even bigger rally above $1 and $3 if this potential rally materializes. This price action is supported by DOGE’s capacity to move more aggressively to the upside every time it breaks the long sideways trend.

The analyst stated:

The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April!

DOGE Price On The Short-Term

On low timeframes, the $0.10 level is critical resistance for the token to fulfill its bullish potential. NewsBTC reported that the cryptocurrency hints at a potential breakout, but DOGE must recover the $0.0914 area before scoring further gains.

This week, the crypto market might see opposition from macroeconomic developments, which could spark volatility. If the Dogecoin price can hold its ground, the possibility of a bull run will gain further momentum.

Cover image from Dall-E, chart from Tradingview

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