Crypto analyst Ali Martínez has pointed out that a parabolic rally is on the horizon for Dogecoin price. Martinez predicted that if history repeats itself, the leading meme coin could rise above $1 and reach as high as $20.
Dogecoin price expected to rise above $1
In one X contributionAli Martinez shared an accompanying chart showing that Dogecoin price could rise above $1 if it reaches the middle boundary of the ascending channel. Specifically, Dogecoin’s target is $1.9 due to this mid-boundary. Meanwhile, the leading meme coin could reach as high as $20 if it hits that upper limit of the channel.
Martinez shared this diagram while alluding to it historical trendssuggesting a parabolic rally is on the horizon. The analyst noted that in 2017, when Dogecoin began a parabolic rise, it rose 212%, then fell 40% before rising 5,000%. In 2021, DOGE rose 476%, fell 56%, and then skyrocketed 12,000%.
Therefore, Dogecoin price could follow this historical pattern again. Dogecoin has already risen 440% in this market cycle and then declined 46%. If history repeats itself, DOGE could see another parabolic rally like the 5,000 and 12,000 percent rallies respectively.
Crypto analyst Trader Tardigrade It was also recently mentioned that Dogecoin price has formed an ascending channel from below, reaching near the upper line of the channel. Accordingly, the analyst stated that a breakout could happen at any time from here. He alluded to the large candlestick observed in January 2021 and suggested that a similar event was likely in January 2025.
Trader Tardigrade noted that Elon Musk will officially assume his duties as head of the Department of Government Efficiency (DOGE) in January 2025. The analyst believes this is a factor that could push Dogecoin price to new highs.
A price recovery is imminent
In a recent X post, Ali Martinez hinted that a recovery in Dogecoin price is imminent. He stated that the TD Sequential represents a buy signal on the DOGE daily chart and expects a price recovery. Its accompanying chart showed that a recovery could push Dogecoin to $0.48 in the short term.
Trader Tardigrade also suggested that a recovery was imminent. He explained that Dogecoin price is completing the first half of the second wave. He noted that Dogecoin has not yet touched the orange line in the accompanying chart, but is very close. Accordingly, the analyst stated that Dogecoin will resume its uptrend very soon.
At the time of writing, Dogecoin price is trading at around $0.32, up over 2% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com