Ali Martinez, one of the most well-known analysts in the cryptocurrency world, evaluated Dogecoin (DOGE) in his latest statement.
According to the analyst, history may be repeating itself in DOGE price.
Martinez said he sees a familiar pattern in the DOGE price. According to the analyst, the DOGE price may be breaking out of a multi-year descending triangle formation, which has historically seen a 200% rally so far, followed by a 60% pullback, and then a bull run.
On the other hand, the analyst noted that the BTC price is currently experiencing a 65% retracement and may be preparing for the next major rally.
In addition, he claimed that the increase in large transactions on the Dogecoin network could also be a bullish sign:
“The number of large Dogecoin transactions on the network continues to increase, indicating that institutional investors and DOGE whales are positioning themselves for a potential upward move.”
DOGE price is trading at $0.1106 at the time of writing and has lost 13% in value in the last week.
*This is not investment advice.
