Is Dogecoin Really Moving 'According To Plan?' Prominent Analyst Claims: 'I Haven't Sold One Single DOGE, I've Just Been Buying'

Dogecoin DOGE/USD is currently at the top of traders' lists, with most predicting a bull run based on historical trends.

What Happened: Crypto technical chart analyst Ali Martinez on Thursday noted that Dogecoin is following a previously seen pattern. It consolidates in a descending triangle, sees a 140% to 230% rally and then a retrace by 56% to 60% before entering a bull run.

He added, "I haven’t sold one single DOGE. I’ve just been buying!"

In another tweet, he highlighted Dogecoin breaking out of a wedge, which "suggests an upside target of 44%!"

It looks like #Dogecoin $DOGE broke out of a wedge, which suggests an upside target of 44%! pic.twitter.com/Tyw7pF9TwG

— Ali (@ali_charts) July 24, 2024

Another crypto trader sees Dogecoin moving according to plan—it needs to form a "base for price to go higher eventually."

Also Read: Dogecoin’s First Weekly Golden Cross In Four Years Is ‘2-3 Green Weeks Away’

Why It Matters: Traders on Crypto Twitter are bullish on Dogecoin, with most predicting a retrace before a rally. They compare Dogecoin’s current state to its historical performance, which has seen such instances occurr.

IntoTheBlock data shows a 15.6% drop in large transaction volume, while daily active addresses increased by 8.6%. Exchanges netflows decreased by 154.3%. Currently, 72% of Dogecoin holders are in profit.

BitInfocharts revealed that in the past 24 hours, 1.77 billion DOGE, worth $220.8 million, were transferred. 51,999 transactions were executed in the past 24 hours. Active addresses in the past 24 hours tallied at 37,593.  

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Dogecoin Up 15% In 7 Days And One Indicator Shows It May Be ‘Primed For An Aggressive Up Move’

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