Cryptocurrency expert Ali Martinez has announced that Dogecoin’s price may be on the verge of a significant increase. He forecasts that if trends from the past hold true, this popular meme coin could soar beyond $1, potentially hitting $20.
Dogecoin Expected to Surpass $1
In a recent post on X, Martinez revealed a chart indicating that Dogecoin might exceed $1 if it reaches the midpoint of an ascending channel, which targets $1.9. Should it hit the upper limit of that channel, values could climb to as much as $20.
Martinez’s findings reference past trends that suggest a parabolic rally could be approaching. He pointed out that during 2017, Dogecoin experienced a massive surge of 212%, followed by a 40% drop, before escalating by 5,000%. Similarly, in 2021, it jumped 476%, retreated by 56%, and later skyrocketed 12,000%.
This reinforces the idea that Dogecoin might be poised for another rally, particularly after its 440% increase during the current market cycle and subsequent 46% pullback. Following historical patterns, we could see another massive rally akin to those seen before.
Another analyst, Trader Tardigrade, also noted the formation of an ascending channel in Dogecoin’s price, suggesting a breakout is imminent. He compared potential future movements to a significant candle seen in January 2021, predicting a similar event might occur in January 2025.
The timing is intriguing as Elon Musk is set to take on new responsibilities related to the Department of Government Efficiency (D.O.G.E) in January 2025, which could contribute to further price increases for Dogecoin.
A Price Rebound is Near
In another X update, Ali Martinez indicated that a rebound in Dogecoin’s price appears to be on the horizon. He pointed out that the TD Sequential indicator is signaling a buy on the DOGE daily chart, which could lead to a price increase to $0.48 soon.
Trader Tardigrade echoed similar sentiments regarding the impending rebound, suggesting that Dogecoin is completing the first half of its second wave and is close to touching a significant threshold indicated by the orange line on his chart. He believes that an upward trend will soon resume.
Currently, Dogecoin’s price is around $0.32, reflecting an increase of more than 2% in the last 24 hours, according to CoinMarketCap data.
