A closely watched 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 social media platform
“In 2017, when Dogecoin started a parabolic run, it rose 212%, returned 40% and then recovered 5,000%. In 2021, it rose 476%, returned 56% and then skyrocketed 12,000%.
Now in 2024, DOGE is up 440% and returned 46%. If history repeats itself, another parabolic rally is coming!”
Looking at the trader’s chart, it appears that he is predicting Dogecoin to rise above $1 if its parabolic rally materializes.
Zooming in, Martinez says that DOGE is providing 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 recovery!”
At the time of writing, DOGE is worth $0.32.
As for Bitcoin (BTC), the trader says the crypto king may be mirroring its price action from early 2024, when it breached an immediate support level before sparking new rallies.
‘Throw it back! BitcoinBTC.”
Based on the trader’s chart, he seems to predict that Bitcoin will briefly fall below $90,000 if it follows the early 2024 pattern. At the time of writing, Bitcoin is worth $94,133.
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Generated image: Midjourney
Credit : dailyhodl.com
