Dogecoin, the beloved meme-inspired cryptocurrency, is making headlines once again as renowned crypto analyst Ali Martinez unveils bullish signals on its technical charts. Martinez suggests that Dogecoin could skyrocket to nearly $1.5 by April, representing a remarkable 600% rally.
Dogecoin’s Technical Charts
According to Martinez’s analysis, Dogecoin’s weekly price chart reveals a descending triangle pattern, typically considered bearish, which has been in play since its peak in May 2021.
However, recent price action has resisted this pattern, with Dogecoin breaking above the triangle’s upper trendline in November 2023. This breakout signals a significant shift in market dynamics, overturning previous bearish sentiment.
Further into the analysis, Martinez projects a parabolic rise for Dogecoin based on historical price patterns from the 2018-2021 bull market. Prediction from this pattern, Martinez suggests that Dogecoin could skyrocket to nearly $1.5 by April, representing a remarkable 600% rally.
Dogecoin hitting $6.2
Looking ahead Martinez highlighted the Fibonacci retracement levels to identify key areas of support and resistance in Dogecoin’s price action. With Dogecoin’s price surpassing the crucial 0.5 Fibonacci retracement level in March, around $0.19057, further upside potential is suggested.
Martinez believes that Dogecoin’s price could reach around $1.50, which aligns with Fibonacci extension levels, serving as a potential resistance level.
After reaching $1.50, Martinez expects Dogecoin to take a break and trade between its previous highest price and the 1,272 Fibonacci level. Then, the rally might continue, and Dogecoin could surge to $2.27, $3.95, and $6.22. Eventually, Dogecoin’s price could reach above $6.30.
Overall, Martinez’s analysis suggests that Dogecoin’s price could go up significantly in the coming months.
Dogecoin Price Analysis
Currently, Dogecoin is trading at $0.20, representing a slight drop of 1.75% over the last 24 hours. Despite this decrease, there has been a notable surge in trading volume, reaching $3.1 billion, marking a significant increase of 43%.
