As a seasoned crypto analyst with over a decade of experience in the digital asset market, I find myself intrigued by the current Dogecoin (DOGE) price action and the bullish predictions made by fellow analysts Trader Tardigrade and Ali Martinez.
The Dogecoin price has been consolidating around the $0.1 mark, experiencing notable price fluctuations. Amidst this market volatility, the cryptocurrency displays a unique historical chart pattern that a crypto analyst has deemed bullish. Should Dogecoin continue to stay above this pattern, its price is expected to witness a massive 300X run to new All-Time Highs (ATHs) at $30.
Dogecoin Price Pre-Rally Stage Signals Potential Pump
Crypto expert Tardigrade shares a fresh technical indicator in the Dogecoin price graph, suggesting a possible surge towards new all-time highs. On October 5th, this analyst shared insights about this price trend on platform X (previously known as Twitter), pointing out that Dogecoin is presently trading over its 200-day Simple Moving Average (SMA).
The Simple Moving Average (SMA) of 200 is a crucial technical marker that helps in predicting the broader long-term trend of a cryptocurrency. By examining this pattern, Trader Tardigrade makes a correlation between the recent price fluctuations of Dogecoin and its past price trends from 2017 to 2020.
As an analyst, I’ve observed that Dogecoin appears to be following previous market patterns and could potentially experience another bullish surge similar to its past rallies. From 2017 to 2019, Dogecoin underwent a significant price increase before entering what seemed like a “pre-rally phase.” Then, between 2021 and 2023, it experienced another price pump.
According to Trader Tardigrade’s assessment, Dogecoin appears to be at the end of its pre-surge phase and is poised for an upward trend. The analyst anticipates that the cryptocurrency could undergo a substantial increase of around 300 times, potentially reaching $30, only to later return towards the $6 range.
Historical Patterns Point To Another Major Rally
More recently, crypto expert Ali Martinez revealed that the current trend in Dogecoin appears similar to a pattern seen before, particularly a multi-year ascending wedge formation on the chart.
Initially, Dogecoin escaped from a significant triangle formation, leading to a roughly 200% price jump. Following this substantial increase, the value of the humorous digital currency related to dogs decreased by around 60%. Subsequently, it embarked on an even more intense upward trend.
Based on recent fluctuations in Dogecoin’s price, there appears to be a historical pattern known as a descending triangle forming, which often signals an impending upward breakout. In fact, Martinez has shared that the price of Dogecoin has already retreated by 65%, suggesting that it may be preparing for its next significant surge.
According to Martinez’s Dogecoin price analysis, before 2017, the cryptocurrency experienced an impressive jump of 229.58%, reaching $0.00035 following a breakout from a significant descending triangle structure. In a similar manner, between 2018 and 2021, Dogecoin also broke out of this triangle pattern, leading to a 138.04% increase that propelled its price to $0.00318.
Based on the downward triangular pattern that Dogecoin has been developing since 2021 and which persists until 2024, analyst Martinez anticipates a significant surge of approximately 207.85%, potentially propelling the meme coin beyond $0.15.
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2024-10-07 20:42