A closely followed crypto analyst believes top memecoin Dogecoin (DOGE) is gearing up to unleash another parabolic rally.
Crypto strategist Ali Martinez tells his 103,200 followers on the social media platform X that Dogecoin may be following in the footsteps of its 2017 and 2021 market cycles when the memecoin ignited a meteoric ascent after witnessing a severe correction.
“In 2017, when Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rallied 5,000%. In 2021, it went up 476%, retraced 56%, then skyrocketed 12,000%.
Now, in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way!”
Looking at the trader’s chart, it seems that he predicts Dogecoin will soar above $1 if his parabolic rally materializes.
Zooming in, Martinez says DOGE is flashing a bullish signal on the daily chart based on the Tom DeMark (TD) Sequential Indicator. Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
“The TD Sequential presents a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”
At time of writing, DOGE is worth $0.32.
Turning to Bitcoin (BTC), the trader says that the crypto king may be mirroring its early 2024 price action when it breached an immediate support level before triggering new rallies.
“Throw it back! Bitcoin BTC.”
Based on the trader’s chart, he seems to predict that Bitcoin will briefly dip below $90,000 if it follows the early 2024 pattern. At time of writing, Bitcoin is worth $94,133.
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Generated Image: Midjourney
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