An on-chain analyst Ali Martinez on Sunday analyzed the price patterns of Dogecoin DOGE/USD and found indications that this cryptocurrency could be on the verge of a bull run.
What Happened: Sharing his analysis, Martinez on X said, "The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April!"
His analysis, as seen in the chart posted, points to three distinct occasions—in 2017, 2023, and forecasts for 2024—where DOGE saw staggering increases of 8,700% and 23,740%, respectively.
Martinez noted a recurring pattern in DOGE’s historical chart where a formation of ’97 bars 69 d’ appeared, suggesting the potential for a breakout pattern to reoccur on April 22, 2024.
"Bars” represent the individual segments on the price chart that signify trading activity over a set period, while “d” probably for days.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last week, Martinez detailed Dogecoin’s price behavior, aligning it with its rally in the year 2020. He said, “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%.”
As per Martinez’s findings, Dogecoin has similarly emerged from a descending triangle pattern and is now in a phase of consolidation—events he believes could be the precursor to another dramatic bull market for Dogecoin.
Data from IntoTheBlock’s revealed an increase in transactions, with the number of large transfers exceeding $100,000 growing from 154 to 173 in just one week.
Price Action: At the time of writing, DOGE was trading at $0.085 per token, down 0.67% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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