TL;DR
Dogecoin (DOGE) is up 5% daily with one analyst predicting a significant rally based on historical patterns.
Some important metrics, such as the Relative Strength Index (RSI), also indicate a potential upcoming uptrend.
Not Selling a Single Coin
The largest meme coin in terms of market capitalization – Dogecoin (DOGE) – performed quite well in the last week, witnessing a 7% price increase. In the past few days though, it briefly lost the momentum, with its price slipping to around $0.12 before spiking to $0.13 again (CoinGecko’s data).
DOGE Price, Source: CoinGecko
According to the popular X user Ali Martinez, though, those price swings are part of a bullish path that could take DOGE to a new all-time high in the following months. He noted that the meme coin consolidated in a descending triangle in 2016 and 2021, followed by a triple-digit price rally later. The situation looks quite the same now, with Ali Martinez expecting a similar surge in the near term:
“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.”
The trader also admitted that he has only been buying more DOGE tokens as of late, not parting with a single one.
Other analysts envisioning a bright future for the meme coin include the X user Mags and KALEO. The former chipped in last month, claiming that the accumulation phase was over and it soon might be followed by a “parabola” stage that could push the price above $1.
For their part, KALEO argued that DOGE has the “secret” power to move sideways for extended periods, followed by “rapid, vertical growth.” The analyst went further, predicting that it may even outpace Bitcoin (BTC).
This Metric Signals an Uptrend
The DOGE Relative Strength Index (RSI) also suggests an incoming rally. It measures the change and speed of price movements, varying from 0 to 100. A ratio above 70 indicates a correction might be imminent, while lower points hint about an uptick. Currently, the RSI stands at 50.
It is worth noting that the metric hovered in approximately the same zone at the end of March and the beginning of April when DOGE’s valuation jumped above $0.22.
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