A closely followed crypto analyst believes that top memecoin Dogecoin (DOGE) is preparing to spark another parabolic rally.
Crypto strategist Ali Martinez tells his 103,200 followers on social media platform .
“In 2017, when Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rebounded 5,000%. In 2021, it rose 476%, fell 56%, then skyrocketed 12,000%.
Now, in 2024, DOGE is up 440% and down 46%. If history repeats itself, another parabolic rally is on the way!
Looking at the trader’s chart, it appears that he is predicting that Dogecoin will surpass $1 if its parabolic rally materializes.
Zooming in, Martinez says DOGE is sending a bullish signal on the daily chart based on the Tom DeMark Sequential Indicator (TD). Traders use the TD Sequential Indicator to predict potential trend reversals of tokens based on the closing prices of their previous 13 bars or candles.
“TD Sequential shows a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”
At the time of writing, DOGE is worth $0.32.
As for Bitcoin (BTC), the trader says the crypto king could mirror its price action from early 2024 when it broke through an immediate support level before triggering further rallies.
“Throw it away!” Bitcoin BTC.
Based on the trader’s chart, he appears to predict that Bitcoin will briefly fall below $90,000 if it follows the trend of early 2024. At the time of writing, Bitcoin is worth $94,133.
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