Rally

Dogecoin

April

mirror

Dogecoin, a frontrunner in the meme coin genre of crypto, is showing bullish signals on its technical charts that could indicate an impending rally, according to noted crypto analyst Ali Martinez. Via X, he <a href="https://twitter.com/ali_charts/status/1774509832629854365" target="_blank" rel="noopener nofollow">stated</a>: 
<blockquote>
 I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important altcoin in this sector. From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!
</blockquote> 
<img loading="lazy" decoding="async" class="wp-image-600693 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471" alt="Dogecoin price projection" width="2208" height="1471" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=2208 2208w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKBSvYWXwAAf7fp.jpg?resize=2208%2C1471?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The weekly DOGE/USD price chart presents a descending triangle pattern, typically bearish, that has emerged since its peak in May 2021. However, the price action of recent months has been <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-enters-new-trend-set-to-drive-price-to-0-3-analyst/" target="_blank" rel="noopener ">decidedly bullish</a>, with Dogecoin breaking above the triangle’s upper trendline already in November 2023. This move invalidated the bearish sentiment often associated with this pattern, signaling a strong shift in market dynamics. 
With the monthly close for March, the Dogecoin price has crossed the significant 0.5 Fibonacci retracement level of the downtrend, situated at approximately $0.19057, hinting at further upside potential. At press time, DOGE traded at $0.2072 reflecting an 86% increase in March. 
The Fibonacci retracement levels laid out on the chart are based on the swing high and low of the previous market cycles. If Dogecoin continues to adhere to the Fibonacci levels as it has historically, the immediate target would be the 0.618 level at $0.26241, followed by the 0.786 level at $0.41376 and the all-time high at $0.73905. 
Extending into the price discovery, the Fibonacci extension levels are mapped out at $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), and $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level). These figures represent future areas of interest where the price might find resistance in the event of a continued upward trajectory. 
Martinez’s analysis also includes a projection based on Dogecoin’s price action from the 2018-2021 bull market, represented by the light gray line on the chart. This projected trajectory is extrapolated from the past price pattern and suggests a <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-price-echoes-past-bull-run-will-it-rise-above-1-soon/" target="_blank" rel="noopener ">parabolic rise for DOGE</a>. Notably, the DOGE price could already<a href="https://www.newsbtc.com/analysis/xrp/xrp-to-skyrockets-to-1-33-amidst-april-rally-analysts/" target="_blank" rel="noopener "> skyrocket in April</a> if history repeats. 
According to Martinez’s projection, if Dogecoin follows the historical pattern, its price could potentially surge to nearly $1.5 by April, which would represent a 600% rally. This price target is further supported by the Fibonacci extension levels, with $1.54481 (1.272 Fib level) serving as a prospective hurdle. 
Subsequently, the DOGE price could initially require a slowdown and remain stuck in a consolidation zone between the previous all-time high and the 1,272 Fib for several months. The rally could then continue according to Martinez’s projection. 
In a similarly explosive move, DOGE could rise above $1.50 and then pulverize the Fib levels at $2.27007 (1.414 Fib level), $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level) until the rally stalls again at just over $6.30. A final move could see Dogecoin break above $11.11 (2.0 Fib level) where it could find a cycle high, according to the analyst. 
At press time, the DOGE price was at $0.2077. 
<img loading="lazy" decoding="async" class="wp-image-600696 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673" alt="Dogecoin price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

NewsBTC

Other articles published on Apr 1, 2024

The $0.01 Benchmark: Expert Predictions for BEFE Coin’s Price and Performance

BofA Boosts Micron’s PT to $144 Amid AI-Driven HBM Demand Surge

Litecoin Undergoes Routine Maintenance for Network Optimization

Will MATIC hit $2 ahead of Bitcoin’s halving?

AI Talent War Soars Firms Offer Big Salaries & Fast Options to Compete

Navigating the Bull Market: 5 Essential AI Altcoins to Have in Your Portfolio

Join our free newsletter for daily crypto updates!