Dogecoin

2024

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Crypto analyst Ali Martinez, known as @ali_charts on X, has shared a highly optimistic scenario for the Dogecoin (DOGE) price based on historical price movements and pattern analysis today. Martinez emphasized a repeating cycle in Dogecoin’s market behavior, suggesting a potential for massive gains similar to those observed in previous bull runs.
<h2 id="dogecoin-price-set-to-repeat-history">Dogecoin Price Set To Repeat History?</h2>
According to the <a href="https://x.com/ali_charts/status/1816353688899969196" target="_blank" rel="noopener noreferrer nofollow">analysis</a>, Dogecoin appears to be following a consistent pattern where it consolidates within a descending triangle, followed by significant rallies of 140% to 230%. This is typically succeeded by retracements ranging from 56% to 60%, setting the stage for a bull run.
“I haven’t sold one single DOGE. I’ve just been buying! Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run. So now we just wait!!!” Martinez said via X.
The chart shared by the crypto analyst illustrates a recurring theme in Dogecoin’s <a href="https://www.newsbtc.com/news/dogecoin/history-repeating-dogecoin-monthly-chart-massive-rally/" target="_blank" rel="noopener noreferrer nofollow">trading history</a>. In 2016, DOGE price successfully broke out of a descending triangle pattern, leading to a substantial rally of 229.58%, followed by a significant retracement of 60.44%. This pullback set the stage for the primary <a href="https://www.newsbtc.com/news/crypto-bull-market-returns-arthur-hayes/" target="_blank" rel="noopener noreferrer nofollow">bull run</a> surge witnessed in 2017.
Similarly, in 2020, Dogecoin experienced a 138% rise post a breakout from another descending triangle pattern, only to undergo a 59.86% decline subsequently. Nevertheless, this decline cleared the way for yet another remarkable price surge in 2021. <img fetchpriority="high" decoding="async" class="wp-image-631579 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639" alt="Dogecoin technical analysis" width="1200" height="639" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=1200 1200w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTRKfCFXUAA1tJf.jpg?resize=1200%2C639?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1">
The second wave of price surges for Dogecoin has historically been substantial. Over a four-month period from September 2017 to January 2018, DOGE experienced a near meteoric rise of almost 2,900%, climbing from $0.0007 to $0.0194, following a retracement of up to 60%, as Martinez noted. In the last cycle, from February 2021 to May 2021, Dogecoin rallied approximately 1,700%, escalating from $0.041 to its all-time high of $0.7316.
A rally akin to the 2017-2018 surge —about 2,900%—-could potentially elevate DOGE’s price to around $4 from its current level. Meanwhile, a rally similar to the 2021 increase—about 1,700%—would approximately push DOGE’s price to $2.4. Notably, Martinez’s chart suggests he anticipates a clear break above the $2 mark, although no exact price target has been specified.
Already in March this year, Martinez <a href="https://x.com/ali_charts/status/1774509832629854365" target="_blank" rel="noopener noreferrer nofollow">wrote</a> via X: “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 <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-7-year-cycle-40/" target="_blank" rel="noopener noreferrer nofollow">mirror</a> the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!” At the time, Martinez shared a chart which showed that he expects DOGE to exceed $11 in this bull run.
Yesterday, Martinez offered a short-term price forecast for DOGE, stating via X: “It looks like Dogecoin broke out of a wedge, which suggests an upside target of 44%!” According to the chart presented by the crypto analyst, the next key short-term resistance levels for DOGE are positioned at $0.14479, $0.1613, and $0.1844.
<blockquote class="twitter-tweet">
 It looks like <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> broke out of a wedge, which suggests an upside target of 44%! <a href="https://t.co/Tyw7pF9TwG" rel="noopener noreferrer nofollow">pic.twitter.com/Tyw7pF9TwG</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1816182560831009113?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a>
</blockquote>
At press time, DOGE traded at $0.1241. <img decoding="async" class="wp-image-631589 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675" alt="Dogecoin price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/DOGEUSDT_2024-07-25_13-17-23.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1">
Featured image created with DALL·E, chart from TradingView.com

Dogecoin Set For 1,700% Rally, Echoing Past Cycle Trends: Crypto Analyst

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