Prominent crypto analyst Ali Martinez has identified a technical pattern in Dogecoin’s price chart that suggests the meme coin could be on the verge of a major bull run. His analysis comes as the broader crypto market shows signs of recovery, with DOGE itself rising approximately 3.5% in a 24-hour period.
In a recent analysis shared on the social media platform X, Martinez pointed to Dogecoin trading within a long-term ascending channel. This pattern is defined by the cryptocurrency’s price moving between two upward-sloping, parallel lines, indicating a sustained trend of higher highs and higher lows.
According to Martinez’s chart, this channel has been a reliable indicator of significant price surges. He highlighted two previous instances where Dogecoin’s price touched the lower support line of this channel, which were followed by massive rallies.
The first occurrence in 2017 preceded a bull run of over 9,000%, culminating in a price of $0.01857 by late January 2018. The second touchpoint in 2021 triggered an even more dramatic surge of over 13,000%, leading Dogecoin to its all-time high of $0.7376 in May of that year.
Martinez argues that Dogecoin has once again reached this critical support level. “Dogecoin $DOGE is trading within a historically strong buy zone, which has repeatedly triggered major bull runs in past cycles!” he stated.
As the original and largest meme coin by market capitalization, Dogecoin currently holds a market value of around $34 billion. At the time of reporting, its price was trading at $0.2263.
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