As the majority of assets in the cryptocurrency sector resume their trading in the green, Dogecoin (DOGE) is no exception, and its recent price correction might have just been in preparation for an upcoming massively bullish rally, according to the market’s renowned expert.
Indeed, professional crypto trader Ali Martinez has suggested that the previous price correction of Dogecoin was just “part of its usual behavior before massive bull runs,” as per the analysis and chart pattern observations he shared in a X thread on May 2.
Specifically, the analyst highlighted that DOGE’s breaking out of a descending triangle pattern in 2017 preceded a 40% retracement before the popular doge meme crypto asset continued to kickstart an earth-shattering 982% bull run in the months that followed.
DOGE price action 2017 analysis. Source: Ali Martinez
Then, in 2021, DOGE performed a similar price action again, this time around retracing by a more significant 56% before proceeding to make a face-melting advance of 12,197%, which saw it skyrocket from a mere $0.0002 to the area around a whopping $0.0245.
DOGE price action 2021 analysis. Source: Ali Martinez
DOGE price prediction
Recently, DOGE has repeated the price action of breaking out of a descending triangle once again and is “currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run,” as Martinez stressed.
DOGE price action 2024 analysis. Source: Ali Martinez
Meanwhile, the eighth-largest asset in the crypto market is presently trading at the price of $0.12833, which suggests an increase of 3.58% on the day, as it moves to reverse the loss of 14.28% from its weekly chart and the 30.74% dip accumulated on its monthly chart, according to the most recent data obtained on May 2.
DOGE price 24-hour chart. Source: Finbold
All things considered, Dogecoin could, indeed, be on its way to a massive bull run that could even overshadow the previous two occasions when it performed similar price action. However, things in this sector can sometimes make surprising twists, so doing one’s own research is critical before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
