Crypto analyst Ali Martinez has predicted a parabolic rally for Dogecoin, suggesting that the meme coin could surpass $1 and even reach $20 if historical trends repeat themselves.
In a recent post, Martinez shared a chart indicating that Dogecoin’s price could rally above $1 if it reaches the middle boundary of an ascending channel, with a target of $1.9. Additionally, the chart suggested that Dogecoin could reach as high as $20 if it hits the upper boundary of the channel.
Referring to historical data, Martinez highlighted past parabolic rallies for Dogecoin. In 2017, the coin surged by 212%, retraced by 40%, and then rallied by 5,000%. Similarly, in 2021, Dogecoin saw a 476% rally, followed by a 56% retracement, and then a 12,000% surge.
Based on this historical pattern, Martinez believes Dogecoin could experience another parabolic rally in the current market cycle. Dogecoin has already surged by 440% and retraced by 46%, indicating the potential for significant growth ahead.
Another crypto analyst, Trader Tardigrade, also pointed out that Dogecoin has formed an ascending channel, nearing the upper line. He suggested that a breakout could occur soon, drawing parallels to a large candle observed in January 2021 and predicting a similar event in January 2025.
Trader Tardigrade mentioned Elon Musk’s upcoming assumption of duties as head of the Department of Government Efficiency (D.O.G.E) in January 2025 as a factor that could drive Dogecoin’s price to new highs.
Martinez further indicated that a price rebound for Dogecoin was imminent, citing a buy signal on the TD Sequential on the daily chart. He suggested that a rebound could propel Dogecoin to $0.48 in the short term.
Trader Tardigrade also echoed the sentiment of an impending rebound, noting that Dogecoin is approaching the orange line on the chart, signaling a potential uptrend resumption.
As of the latest data from CoinMarketCap, Dogecoin is trading at around $0.32, up over 2% in the last 24 hours.
In summary, both analysts foresee a positive outlook for Dogecoin’s price, with the potential for a parabolic rally towards new all-time highs based on historical patterns and technical indicators. Investors and traders may anticipate further price movements and potential opportunities in the Dogecoin market.
