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<p>The post <a href="https://coinpedia.org/price-analysis/doge-price-analysis-top-analyst-predicts-explosive-dogecoin-rally-based-on-historical-pattern/" rel="noopener noreferrer nofollow">DOGE Price Analysis: Top Analyst Predicts Explosive Dogecoin Rally Based on Historical Pattern!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market is currently experiencing a notable correction as we enter May, with the familiar saying “<a href="https://coinpedia.org/news/crypto-market-turn-bearish-as-sell-in-may-and-go-away-got-real-bitcoin-to-fall-near-47k/" rel="noopener noreferrer nofollow">Sell In May &amp; Go Away</a>” seeming to influence investor sentiment. Bitcoin (BTC) has seen a decline of 10.52% over the past week, trading at just above $57,450.&nbsp;</p>
<p>This downturn in Bitcoin’s price has had a ripple effect across the broader market, impacting other assets like Dogecoin (DOGE), which has dropped by 4.7% in the last 24 hours and 16.75% over the week.</p>
<p>Despite these market movements, prominent crypto analyst Ali Martinez remains bullish on the outlook for certain assets, including Dogecoin. Martinez’s analysis points to a breakout of a descending pattern on Dogecoin’s chart, suggesting the potential for an upcoming bull run soon.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> The ongoing <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> price correction is part of its usual behavior before massive bull runs! Let's dive in <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808734788173993?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
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<h2 class="wp-block-heading" id="h-analyst-bullish-view-on-dogecoin">Analyst Bullish View on Dogecoin</h2>
<p>Ali Martinez recently tweeted a compelling observation based on historical data, noting that Dogecoin’s current price correction closely aligns with previous instances that have historically preceded significant surges in value.</p>
<p>In 2017, Dogecoin experienced a breakout from a descending triangle pattern, followed by a notable retracement of 40%. This correction was a forerunner to a staggering 982% bull run, showing the coin’s capacity for substantial growth following periods of consolidation.</p>
<p>Similarly, during the crypto boom of 2021, Dogecoin once again emerged from a descending triangle, <a href="https://coinpedia.org/press-release/dogecoin-price-slides-but-traders-are-backing-dogeverse-to-see-big-gains/" rel="noopener noreferrer nofollow">retracing by 56% before embarking </a>on an extraordinary ascent of 12,197%. This remarkable surge captured global attention and solidified Dogecoin’s position as a unique player in the digital asset landscape.</p>
<h3 class="wp-block-heading" id="h-descending-pattern-breakout">Descending Pattern Breakout</h3>
<p>Fast forward to 2024, and Dogecoin finds itself in a familiar position, having broken out of yet another descending triangle formation. Presently, the cryptocurrency is undergoing a <a href="https://coinpedia.org/news/dogecoins-historical-performance-points-to-potential-price-targets-3-80/" rel="noopener noreferrer nofollow">notable 47% price correction</a>, a figure similar to previous cycles that have historically preceded substantial upward movements.</p>
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   <p lang="en" dir="ltr">In 2017, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> broke out of a descending triangle. Then, <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> retraced by 40% before entering a 982% bull run! <a href="https://t.co/gfSN4aimmx" rel="noopener noreferrer nofollow">pic.twitter.com/gfSN4aimmx</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808737090871513?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
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<p>The sentiment among Dogecoin proponents remains optimistic, with many interpreting these patterns as the beginning of future growth potential.&nbsp;</p>
<h2 class="wp-block-heading" id="h-dogecoin-price-analysis">Dogecoin Price Analysis</h2>
<p>As of now, Dogecoin is <a href="https://markets.coinpedia.org/dogecoin/" rel="noopener noreferrer nofollow">trading at $0.126189</a>, reflecting a 3.43% decline in price over the last 24 hours. Despite this decrease, trading volume has surged by an impressive 49.83%, with Dogecoin’s market cap standing at $18 billion.&nbsp;</p>

DOGE Price Analysis: Top Analyst Predicts Explosive Dogecoin Rally Based on Historical Pattern!

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