A widely followed crypto analyst has charted out what is next for Dogecoin (DOGE), the world’s largest meme coin.
Ali Martinez told his followers on the social media platform X that DOGE could be on the cusp of an explosive bull run that could propel the coin past the elusive $1 mark.
Dogecoin En Route To $1?
Dogecoin is gearing up to go on a parabolic rally.
According to Mark Twain’s well-known quote, “History never repeats itself, but often rhymes.” As such, traders often examine whether the ongoing price movement bears any semblance to the past in order to speculate what lies ahead.
In his March 31 post on X, top crypto strategist Ali Martinez observed that DOGE is forming a market structure similar to the one seen in 2018-2021. This simply means that “DOGE could be at the very beginning of a massive parabolic bull run,” Martinez posited.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
In technical analysis, fractals basically mean identical and repeating market structures. Given that technical analysis is mainly the study of investor behavior, it’s not far-fetched to believe that a repeated market structure can resolve the issue similarly to how it did in the past.
So, if the 2018-21 fractal is any guide, DOGE’s path of least resistance could be a fresh leg up. Looking at Ali’s chart, he seems to forecast that DOGE will meteorically ascend in the coming months after moving past its range resistance, similar to what happened back in 2018 and 2021.
At press time, one Dogecoin is worth $0.2012. Reaching $1 would mean a jump of over 450% from DOGE’s current price level.
That being said, past data does not necessarily guarantee future results, especially with joke cryptos such as Dogecoin and other meme assets. A devastating bearish reversal in Bitcoin, the crypto market trendsetter, could effectively drag down DOGE.
Meanwhile, America’s top exchange, Coinbase, is set to launch leveraged and CFTC-regulated futures contracts for DOGE this month.
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