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- Technical indicators and historical patterns point to a potential Dogecoin price rally, with some experts predicting a 140% to 230% surge following recent consolidation.
- Dogecoin is also approaching its weekly golden cross for the first time in four years, after which it could stage a parabolic rally.
Amid the broader market recovery today, the world’s largest memecoin Dogecoin (DOGE) has bounced back by more than 4.5% and is currently trading at $0.1299 with a market cap of $18.8 billion.
On-chain technical indicators have also been showing strength for the memecoin with the expectation that the consolidation period could be ending anytime soon. Interestingly, some market analysts are predicting that Dogecoin could be entering a huge bull run in the coming period.
Popular crypto trader and analyst Ali Martinez shared an optimistic outlook for DOGE stating that he has been holding his Dogecoins with diamond hands despite the bearish phase. In fact, he has been also buying the dips periodically.
Sharing the Dogecoin price chart, Martinez noted that DOGE has been forming a similar pattern that appeared during the previous bull runs before DOGE gave a mega rally ahead. As seen in the below chart, Dogecoin has been consolidating in a descending triangle pattern with DOGE seeing a 140% to 230% rally after the breakout.
I haven’t sold one single $DOGE. I’ve just been buying!#Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run.
So now we just wait!!! pic.twitter.com/YKtOYJd638
— Ali (@ali_charts) July 25, 2024
This rally was later followed by a retracement of 50-60%. Dogecoin is currently in one such period of retracement as of now. Martinez stated that after such retracements, DOGE enters a strong bullish rally. The Dogecoin blockchain has also been leading in active wallets, per the CNF update.
Dogecoin Forms A Golden Cross Pattern
In another such post on the X platform, crypto analyst Kevin stated that Dogecoin is just three to four weeks away from forming the first weekly golden cross in four years. The analyst stated that after crossing the weekly golden cross last time, Dogecoin enjoyed a six-month mega rally surging by 18,000%.
#Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years. The last time this occurred #DOGE went parabolic for 6 straight months going up 18,000%. #Altcoins #Crypto pic.twitter.com/Ow8JGMPndB
— Kevin (@Kev_Capital_TA) July 24, 2024
A golden cross occurs when the 50-day moving average typically surges above the 200-day moving average. This is a bullish signal which usually results in a parabolic rally for the underlying asset class.
The memecoin sector has already enjoyed a strong bull run during the first half of 2024 with players like Pepe coin (PEPE) and Dogwifhat (WIF) giving multifold returns. However, top players like Dogecoin and Shiba Inu have shied from participating in the market. As reported by Crypto News Flash, the Dogecoin open interest has been on the rise recently.
For Dogecoin to trigger the next bull run, it must cross above 15 cents first for bulls to get activated. This will further set the stage for a rally of $1. Analysts are predicting that DOGE can easily reach this target during the next crypto market bull run, per the CNF update.
