A closely watched cryptocurrency analyst believes that top memecoin Dogecoin (DOGE) is gearing up for another parabolic rally.
Crypto strategist Ali Martinez told his 103,200 followers on social media platform
“In 2017, when Dogecoin started going parabolic, it surged 212%, retraced 40%, and then rallied 5,000%. In 2021, it surged 12,000% after rising 476% and retracing 56%.
Currently in 2024, DOGE is up 440% and has rebounded 46%. If history repeats itself, another parabolic rally is coming!”
Looking at the trader’s chart, he appears to be predicting that Dogecoin will surge above $1 if a parabolic rally materializes.
Zooming in, Martinez says DOGE is flashing bullish signals on the daily chart based on the Tom DeMark (TD) sequential indicator. Traders use the TD Sequential indicator to predict a potential trend reversal in a token based on the closing prices of the previous 13 bars or candles.
“TD Sequential presents a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”
As of this writing, DOGE is worth $0.32.
Citing Bitcoin (BTC), the trader says it may be mirroring early 2024 price action when the cryptocurrency king breached immediate support levels before sparking a new uptrend.
“Throw it again! Bitcoin BTC.”
Based on trader charts, he appears to have predicted that Bitcoin will briefly fall below $90,000 if Bitcoin follows its pattern in early 2024. As of this writing, Bitcoin is worth $94,133.
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