Crypto analyst Ali Martinez has indicated that there is a looming parabolic rally for the Dogecoin price. Martinez predicted that the foremost meme coin could rally above $1 and reach as high as $20 if history repeats itself.
Dogecoin Price Set For Rally Above $1
In an X post, Ali Martinez shared an accompanying chart showing that the Dogecoin price could rally above $1 if it reaches the middle boundary of the ascending channel. Specially, this middle boundary puts Dogecoin’s target at $1.9. Meanwhile, the foremost meme coin could reach as high as $20 if it reaches the upper boundary of the channel.
Martinez shared this chart while alluding to historical trends, which indicated that a parabolic rally is on the horizon. The analyst noted that in 2017, when Dogecoin began a parabolic run, it surged by 212%, then retraced by 40%, before it rallied by 5,000%. In 2021, DOGE rallied 476%, retraced 56%, and then skyrocketed 12,000%.
Therefore, the Dogecoin price could follow this historical pattern again. Dogecoin has already surged 440% in this market cycle and then retraced by 46%. If history repeats itself, DOGE could record another parabolic rally like the 5,000% and 12,000% rallies, respectively.
Crypto analyst Trader Tardigrade also recently mentioned that the Dogecoin price has formed an ascending channel from the bottom, reaching near the upper line of the channel. In line with this, the analyst stated that a breakout could happen at any moment from here. He alluded to the large candle that was observed in January 2021 and suggested that a similar occurrence was likely in January 2025.
Trader Tardigrade noted that Elon Musk will officially assume his duties as head of the Department of Government Efficiency (D.O.G.E) in January 2025. The analyst believes this is one factor that could propel the Dogecoin price to new highs.
A Price Rebound Is Imminent
In a recent X post, Ali Martinez suggested that a Dogecoin price rebound was imminent. He stated that the TD Sequential presents a buy signal on the DOGE daily chart, anticipating a price rebound. His accompanying chart showed that a rebound could send Dogecoin to $0.48 in the short term.
Trader Tardigrade also suggested that a rebound is imminent. He stated that the Dogecoin price is finishing the first half of the second wave. He noted that Dogecoin hasn’t touched the orange line on the accompanying chart but is very close. In line with this, the analyst stated that Dogecoin will resume its uptrend very soon.
At the time of writing, the Dogecoin price is trading at around $0.32, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
