While investor interest focused on Bitcoin (BTC) and Ethereum (ETH) due to spot ETFs, this caused mem tokens such as Dogecoin to underperform.
At this point, the largest meme token, Dogecoin (DOGE), has been showing a lackluster performance in the altcoin market for the last few months.
However, there is an upward trend for DOGE.
In his new analysis, popular analyst Ali Martinez said that DOGE has formed a pattern very similar to the one before the mega bull run in 2021.
According to Martinez, if history repeats itself once again for DOGE, Dogecoin price could potentially reach double digits in the next bull rally.
“Dogecoin price action is showing familiar patterns as it did in 2020, prior to the 2021 bull.
At that time, DOGE broke out of a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently DOGE appears to be reflecting this pattern again. DOGE is now in a consolidation phase, breaking out of a descending triangle. “At this point, DOGE is potentially setting the stage for another significant bull run.”
During the 2021 bull rally, the DOGE price rose to an all-time high of $0.74.
However, DOGE, which has corrected almost 90% since then, continues to trade at $ 0.083 at the time of writing.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd
— Ali (@ali_charts) February 23, 2024
*This is not investment advice.
