Long summary
Dogecoin (DOGE) is up 5% on the day, and one analyst is predicting a big rally based on historical patterns. Some important metrics, such as the Relative Strength Index (RSI), are also pointing to a potential uptrend ahead.
Not selling a single coin
Largest meme coin by market cap – Dogecoin (DOGE) – It has performed very well in the past week, seeing a 7% price increase. However, it has briefly lost ground in the past few days. the Momentum, with its price sliding to around $0.12 before rising to $0.13 again (CoinGecko data).
According to popular user Ali Martinez,althougThese price fluctuations are part of an upward trajectory that could take DOGE to a new all-time high in the following months. he male The meme coin appeared to consolidate in a descending triangle in 2016 and 2021, followed by a triple-digit price spike later on. The situation looks quite similar now, with Ali Martinez predicting a similar rally in the near term:
“Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rise, then pulls back 56% to 60% before entering a bullish wave.”
The trader also admitted that he has only recently bought more DOGE tokens, and has not given any away.
Other analysts who envision a bright future for the meme coin include X user Mags and KALEO. The former contributed last month, Claiming The accumulation phase is over. It might happen soon. This could be followed by a “parabolic” phase that could push the price above $1.
For their part, KALEO claimed that DOGE has the “secret” power to move sideways for long periods, followed by “rapid and vertical growth.” The analyst went further, predicting that DOGE could until Outperforms Bitcoin (BTC).
This scale indicates an upward trend.
DOGE’s Relative Strength Index (RSI) also indicates an upcoming uptrend. It measures the volatility and speed of price movements, and ranges from 0 to 100. A ratio above 70 indicates a correction may be imminent, while lows indicate a rise. Currently, the RSI is signaling a potential uptrend. Situations At the age of fifty.
It is worth noting that the index remained hovering in roughly the same area at the end of March and the beginning of April when DOGE’s valuation jumped above $0.22.