Cryptocurrency analyst and trader Ali Martinez is saying that the price of Dogecoin (DOGE) is exhibiting behavior it has previously displayed before embarking on massive rallies.
Martinez tells his 61,200 followers on the social media platform X that the largest memecoin by market cap earlier this year broke out of a descending triangle, which is considered bullish if the price breaks out above the upper trend line, on the weekly chart.
“It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!”
According to Martinez, Dogecoin exhibited similar price behavior in 2017 and 2021.
“In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!”
“In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!”
“Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience.”
Dogecoin is trading at $0.13 at time of writing.
Next up is the second-largest memecoin by market cap, Shiba Inu (SHIB). Martinez says that he entered a long position nearly 20% below the current level and is targeting a gain of close to 4x.
“Shiba Inu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends SHIB to $0.000072323.”
SHIB is trading at $0.0000225 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Dogecoin Mirroring Price Action That Preceded Massive Bull Runs in the Past, Says Trader – Here’s His Outlook appeared first on The Daily Hodl.