While most of the cryptocurrency sector is recovering, Dogecoin is no exception. According to a well-known market expert, Dogecoin’s recent price correction could be a preparation for a huge rise.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
Crypto trader Ali Martinez suggests that Dogecoin’s recent price drop is “part of the usual behavior prior to major bull runs,” according to his analysis and observations of chart patterns he shared on X.
Martinez specifically highlighted that Dogecoin’s breakout from a descending triangle pattern in 2017 preceded a 40% pullback, before the popular meme cryptocurrency embarked on an unprecedented 982% bull run in the following months.
In 2021, DOGE repeated a similar price action, this time experiencing an even more significant pullback of 56% before experiencing an explosive 12.197% rise, rising from just $0.0002 to around $0.0245.
Recently, DOGE has shown another breakout from a descending triangle pattern and is currently undergoing a 47% price correction, similar to previous cycles, “which could ignite the next bull run for DOGE,” Martinez pointed out.
Meanwhile, in the crypto market, DOGE is currently trading at a price of $0.1317, marking an increase of 3.58% on the day. In doing so, it attempts to reverse the losses of 14.28% on the weekly chart and the decline of 30.74% on the monthly chart, according to the latest data from May 2.
All things considered, Dogecoin could indeed be heading for a massive bull run that could even eclipse the previous two occasions. However, the sector can sometimes take surprising turns, so doing your own research is crucial before investing.
Source: https://bitcoinmagazine.nl/nieuws/dogecoin-staat-klaar-voor-een-bull-run
