Cryptographic analyst Ali Martinez has indicated that a parabolic rally is coming for the price of Dogecoin. Martinez predicted that the top meme coin could rise above $1 and reach as high as $20 if history repeats itself.
Dogecoin price to rise above $1
in a x publicationAli Martinez shared an accompanying chart showing that Dogecoin price could rise above $1 if it reaches the middle boundary of the ascending channel. Notably, this mid-cap places Dogecoin’s target at $1.9. Meanwhile, the top meme coin could hit $20 if it hits upper limit of the channel.
MartÃnez shared this graph when referring to historical trendswhich indicated that a parabolic rally is on the horizon. The analyst noted that in 2017, when Dogecoin began a parabolic run, it rose 212%, then retreated 40%, before recovering 5,000%. In 2021, DOGE rose 476%, retreated 56%, and then soared 12,000%.
Therefore, the price of Dogecoin could follow this historical pattern again. Dogecoin already rose 440% in this market cycle and then fell 46%. If history repeats itself, DOGE could record another parabolic rally like the 5,000% and 12,000% rallies, respectively.
Cryptographic analyst Tardigrade Trader I also mentioned recently that Dogecoin price has formed an ascending channel from the bottom, reaching near the upper line of the channel. Consequently, the analyst stated that a breakout could occur at any time from here on. He alluded to the large candle observed in January 2021 and suggested that something similar was likely to occur in January 2025.
Trader Tardigrade noted that Elon Musk will officially assume his duties as head of the Department of Government Efficiency (DOGE) in January 2025. The analyst believes this is a factor that could drive the price of Dogecoin to new highs.
A price rebound is imminent
In a recent X post, Ali Martinez suggested that a Dogecoin price rally was imminent. He stated that the sequential TD presents a buy signal on the daily DOGE chart, anticipating a price rebound. The accompanying chart showed that a bounce could send Dogecoin to $0.48 in the near term.
Tardigrade Trader He also suggested that a rebound is imminent. He stated that Dogecoin price is finishing the first half of the second wave. He noted that Dogecoin has not touched the orange line on the accompanying chart, but it is very close. Along these lines, the analyst stated that Dogecoin will resume its upward trend very soon.
At the time of writing, Dogecoin price is trading at around $0.32, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
