Dogecoin (DOGE) Might See Parabolic Move Soon – But How Long Will It Take?
Dogecoin is getting prepared to soar following recent expert Ali Martinez's analysis. However, the coin must achieve specific setups before this historical bullish run will happen.
While this prediction fuels positive sentiment among the community, DOGE's price has been down in the past 24 hours by almost 2%.
Also, in the past seven days, Dogecoin has recorded a price decrease of 2.37%. This means that the bullish forecast has not yet influenced the coin. But, according to CoinMarketCap, Dogecoin is trading above critical support around $0.0840.
If the price continues to stay above this level, the coin may go as Ali Martinez predicted.
Dogecoin's Potential Price Surge PredictedAccording to crypto analyst Ali Martinez, Dogecoin's price movements follow a pattern. So, by studying DOGE's price chart carefully, Martinez has spotted a recurring cycle.He sees cycles where Dogecoin goes through a build-up phase and grows rapidly.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, #DOGE appears to be mirroring this pattern: having... pic.twitter.com/69yXnlYRJd
- Ali (@ali_charts) February 23, 2024
Martinez's chart showed Dogecoin's price movement, highlighting periods before the big price rally. Based on historical data, after every 679 days, price stability without much change, there are sudden and significant price increases.
These increases have been substantial, with percentages as high as 8,773% and 23,740%.
Martinez noted that a similar accumulation pattern has started since June 13, 2022. Based on past cycles, he predicts Dogecoin will begin skyrocketing around April 22, 2024. This lines up with previous bullish cycles.
Other Analysts See Positivity in Dogecoin's Price Behavior: Will it Hit $5?Overall, Martinez's forecast might create a fresh sense of excitement and optimism in the Dogecoin community. But apart from him, another analyst predicts DOGE will hit $5.Before Martinez's forecast, a different analyst, Crypto Patel, made a bullish sentiment.
This analyst predicted that the coin could be on its way to a big run. Crypto Patel shared a chart of Dogecoin on TradingView, where he made his analysis. Patel highlighted a pattern in DOGE's chart similar to those in 2018 and 2021.
He highlighted essential DOGE price levels: $0.056 as support and $0.072 as resistance. Breaking $0.072 could mean DOGE hitting $5. According to Patel, DOGE's pattern is repeating, hinting at a big surge soon.A retest near $0.056 is expected, offering an excellent buying chance.
Once the retest happens, Patel predicts DOGE will shoot up. In the hype around meme coins during the bull market, Patel believes $5 for DOGE is possible. But it's uncertain if DOGE will reach $5 soon. Since it started in 2013, DOGE hasn't hit $1 yet.
Over two years ago, the highest DOGE ever reached was $0.7316 in May 2021. Currently, DOGE's price is 89% lower than its highest level. However, some technical indicators signal bullish sentiment and buying opportunity.
Dogecoin Price Analysis: Bullish Sentiment Prevails
Dogecoin is above the 50-day and 200-day Simple Moving Averages (SMA). This indicates a bullish market trend. The bulls hold the price above the 50-day mark, which is a crucial support level. This implies that there's a strong foundation for further upward movement.
The Moving Average Convergence Divergence (MACD) indicator is fueling the bullish sentiment. It's above the signal line, indicating that the bulls are in control.
In another 1D chart, the SuperTrend indicator is flashing a buy signal. This means it's a green light for investors looking to jump in. It suggests that there's potential for significant gains ahead.
In addition, the Money Inflow Index (MFI) is also chiming in with a bullish tune.
Currently sitting above 60, indicating that money is flowing into Dogecoin. This further supports the positive sentiment. Given these factors, it's highly likely that Dogecoin's price will kickstart an upward trajectory shortly.
With buyers firmly in the driver's seat and multiple indicators pointing upwards, the outlook for Dogecoin appears promising.
However, it's essential to remember that investing in cryptocurrency carries inherent risks. As always, investors should conduct thorough research and assess risk tolerance before making decisions.
While Dogecoin builds its momentum, investors could explore the potential of Smog, a fresh meme coin gaining traction.
Dogecoin Alternative: Could Smog Be the Next Meme to ExplodeMeme coins like Smog are gaining wide recognition in the Solana ecosystem. Smog Token is a new player with a dragon theme and a massive airdrop campaign.With how people talk about the coin, it could be the next big thing among Solana meme coins.
Since its launch, Smog has surged over 2,400%, attracting over 23,000 holders. Featuring a funny dragon theme and a unique airdrop plan, Smog is being compared to successful coins like BONK and WIF.
The developers promise the greatest Solana airdrop ever," with a whopping 35% of Smog's supply set aside for it.
Additionally, 50% of the supply goes to marketing efforts, showing ambitious goals. What's unique about Smog is its staking system, letting holders earn 42% annually while still qualifying for the airdrop. YouTuber Franklin Emmanuel predicts Smog could be the biggest meme coin ever" to his 254,000 followers.
Time will tell if Smog lives up to the hype, but it sure has the potential to shine in 2024. Visit the official site to learn more about the project and join other investors preparing for a potential price spike.
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