Dogecoin, a pioneer in the crypto meme coin genre, is showing bullish signs on its technical charts that could indicate an imminent rally, according to noted crypto analyst Ali Martinez. By stated:
I feel like my fellow degens have gotten distracted by the shiny new memecoins, but Dogecoin remains the most important altcoin in this space. From a technical point of view, DOGE appears to reflect the 2018-2021 pattern. If so, DOGE could be at the start of a massive parabolic bull run!
The weekly DOGE/USD price chart features a typically bearish descending triangle pattern that has emerged since its peak in May 2021. However, price action in recent months has been decidedly optimisticwith Dogecoin breaking above the triangle’s upper trendline as early as November 2023. This move invalidated the bearish sentiment often associated with this pattern, signaling a strong shift in market dynamics.
With the March monthly close, Dogecoin price surpassed the significant 0.5 Fibonacci retracement level of the downtrend, situated at approximately $0.19057, suggesting further upside potential. At press time, DOGE traded at $0.2072, reflecting an 86% increase in March.
The Fibonacci retracement levels shown on the chart are based on the swing highs and lows of previous market cycles. If Dogecoin continues to adhere to Fibonacci levels as it has historically, the immediate target would be the 0.618 level at $0.26241, followed by the 0.786 level at $0.41376 and the all-time high at $0.73905 .
Extending to price discovery, the Fibonacci extension levels are mapped at $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), and $3.94628 (1.618 Fib level) and $6.22241 (1.786 Fib level). These numbers represent future areas of interest where the price may encounter resistance in the event of a continued upward trajectory.
Martinez’s analysis also includes a projection based on Dogecoin’s price action in the 2018-2021 bull market, represented by the light gray line on the chart. This projected trajectory is extrapolated from the past price pattern and suggests a parabolic rise for DOGE. Notably, the DOGE price could already shoot in April if history repeats itself.
According to Martinez’s projection, if Dogecoin follows the historical pattern, its price could rise to almost $1.5 in April. This price target is further supported by Fibonacci extension levels, with $1.54481 (1.272 Fib level) serving as a potential hurdle.
Thereafter, DOGE price could initially require a slowdown and remain stuck in a consolidation zone between the previous all-time high and 1.272 Fib for several months. The recovery could then continue according to Martinez’s projection.
In a similarly explosive move, DOGE could rise above $1.50 and then pulverize the Fibonacci levels at $2.27007 (1.414 Fibonacci level), $3.94628 (1.618 Fibonacci level) and $6.22241 (1.786 Fibonacci level) until the rally stops again at just over $6.30. A final move could see Dogecoin break above $11.11 (2.0 Fibonacci level), where it could find a bull cycle, according to the analyst.
At press time, DOGE price was at $0.2077.
![Dogecoin Poised for Massive 600% Rally in April: Crypto Analyst 1 Dogecoin Price](https://thegurumedia.com/wp-content/uploads/2024/04/DOGEUSD_2024-04-01_09-51-15.png)
Featured image created with DALL·E, chart from TradingView.com
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