Dogecoin's Price Patterns Mirrors 2023 Bull Market That Saw 23,000% Gains, Says Crypto Analyst: 'We Could See DOGE Enter A Parabolic Breakout'
An on-chain analyst Ali Martinez on Sunday analyzed the price patterns of Dogecoin and found indications that this cryptocurrency could be on the verge of a bull run.
What Happened: Sharing his analysis, Martinez on X said, "The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April!"
His analysis, as seen in the chart posted, points to three distinct occasions—in 2017, 2023, and forecasts for 2024—where DOGE saw staggering increases of 8,700% and 23,740%, respectively.
Martinez noted a recurring pattern in DOGE’s historical chart where a formation of ’97 bars 69 d’ appeared, suggesting the potential for a breakout pattern to reoccur on April 22, 2024.
"Bars” represent the individual segments on the price chart that signify trading activity over a set period, while “d” probably for days.
Ali@ali_chartsFeb 26, 2024The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April! pic.twitter.com/fL1J3CP3mR
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last week, Martinez detailed Dogecoin’s price behavior, aligning it with its rally in the year 2020. He said, “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%.”
As per Martinez’s findings, Dogecoin has similarly emerged from a descending triangle pattern and is now in a phase of consolidation—events he believes could be the precursor to another dramatic bull market for Dogecoin.
Ali@ali_chartsFeb 23, 2024The 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
Data from IntoTheBlock’s revealed an increase in transactions, with the number of large transfers exceeding $100,000 growing from 154 to 173 in just one week.
Price Action: At the time of writing, DOGE was trading at $0.085 per token, down 0.67% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.