- Dogecoin is following a price trend similar to two previous breakouts in which it gained 1,500% and 24,000%, with one analyst pointing out that this could mean a big break.
- DOGE trades at $0.1722 and has doubled its price in the past two weeks as it leads a meme coin takeover in the broader crypto market.
Dogecoin could be heading to $1 over the next few weeks, one analyst has predicted, drawing parallels between DOGE’s current price movements and previous price patterns that yielded massive gains for investors.
Before its 2017 rally, Dogecoin traded inside a parallel channel for months. When it finally broke free towards the end of the year, it surged from $0.0009 in October to a then-record high of over $0.015, a 1,570% surge in under three months.
The same pattern recurred two years later; starting in early 2019, DOGE began to trade inside a parallel pattern, and it got stuck in this pattern for over two years, as the graph below shows. When it finally broke free in 2021, it went parabolic yet again, setting a new record high of $0.75 in early May 2021.
(Courtesy of Ali Martinez on X).
As the graph shows, Dogecoin has been stuck on the same parallel trading pattern since late 2022, up until recently. DOGE has broken from this pattern, and learning from history, analyst Ali Martinez believes that the meme coin is headed to stratospheric heights. According to Ali’s chart, the crypto should hit $1 by mid-April for the first time ever.
DOGE trades at $0.1713 at press time, trading in the same range for the past day. However, it has shed over 10% in the past week after a price rally that saw it shoot from $0.084 on February 26 to $0.2 one week later, a 139% gain as meme coins dominated the crypto market’s bull rally. Despite its slight retracement in the past week, Dogecoin is still trading over 114% higher than it did a month ago.
Dogecoin to $1
Martinez joins a bevy of analysts and traders who are bullish on Dogecoin and believe it can finally hit the coveted $1 price level, as Crypto News Flash has reported. DOGE still dominates the meme coin market, and despite the rise of new tokens like Bonk and Pepe and the continued rise of its biggest rival, Shiba Inu, it commands the lion’s share of the market and accounts for close to 30% of the sector’s trading volume.
But while optimism remains high, data from Whale Alert shows that the wallets controlling massive amounts of DOGE are transferring their tokens to trading platforms, sparking claims that they intend to dump. One whale moved 150 million DOGE tokens to Robinhood today.
With Dogecoin whales controlling over 44% of the token’s supply, they have a massive influence on the price patterns of the leading meme coin. With the token’s price rally cooling down after weeks of uptrends, the whales may be gearing up to take some profits.
