Dogecoin, the foremost meme coin in the crypto world, is poised for a major rally according to crypto analyst Ali Martinez. Martinez predicts that Dogecoin could rally above $1 and potentially even reach as high as $20 if historical trends repeat themselves. He points to a chart showing that the Dogecoin price could reach $1.9 if it hits the middle boundary of an ascending channel, and as high as $20 if it reaches the upper boundary. Martinez alludes to past parabolic rallies in 2017 and 2021, where Dogecoin surged significantly before retracing and rallying even higher.
Another crypto analyst, Trader Tardigrade, also suggests that Dogecoin is on the verge of a breakout. He notes that the price has formed an ascending channel and is nearing the upper line, indicating a potential breakout. Tardigrade points to the upcoming assumption of Elon Musk as head of the Department of Government Efficiency (D.O.G.E) in January 2025 as one factor that could push the Dogecoin price to new highs.
Martinez further suggests that a price rebound for Dogecoin is imminent, citing a buy signal on the DOGE daily chart from the TD Sequential indicator. His chart indicates that a rebound could send Dogecoin to $0.48 in the short term. Tardigrade also shares this sentiment, noting that Dogecoin is close to finishing the first half of the second wave and is likely to resume its uptrend soon.
As of the time of writing, Dogecoin is trading at around $0.32, up over 2% in the last 24 hours according to CoinMarketCap. With indicators pointing towards a potential rally and rebound for Dogecoin, investors in the crypto market are keeping a close eye on this meme coin as it looks set for further price increases in the near future.
