Dogecoin (DOGE) gained over 2% in the last 24 hours, catching investors‘ attention again. Data reveals that the largest memecoin saw a 2.17% price drop in the last 7 days. DOGE lost momentum in the past few days, dropping to $0.12 before rising back to $0.13, and renowned crypto analyst Ali Martinez made a notable prediction for the altcoin.
If History Repeats, Dogecoin Could Rise by Up to 230%
Popular crypto analyst Martinez indicated that Dogecoin’s recent price movements might signal a bull run to a new peak. Martinez noted that in 2016 and 2021, DOGE consolidated within a descending triangle pattern before experiencing a three-digit price surge.
He expressed that the current situation is similar and expects a similar rise, stating, “Dogecoin is moving within the same pattern we saw before. It consolidates in a descending triangle, rallies by 140% to 230%, and then pulls back by 56% to 60%.” Martinez also mentioned that he has recently increased his DOGE purchases and has not sold his holdings.
Other Analysts Like Martinez Are Also Positive About DOGE
Other popular crypto analysts, like Martinez, are optimistic about Dogecoin’s future. Mags and KALEO emphasized the memecoin’s high potential.
Mags noted last month that the consolidation phase had ended and could result in a “parabolic” rise. KALEO suggested that DOGE has the ability to rise quickly after a prolonged horizontal movement and could even surpass Bitcoin.
Dogecoin’s Relative Strength Index (RSI) value also indicates a potential rise. As known, RSI measures the speed and change of price movements and ranges between 0 and 100. A level above 70 indicates a potential price drop, while lower levels suggest a potential rise. Currently, the RSI is at 50, similar to the period in late March and early April when DOGE rose above $0.22.
