Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

According to cryptocurrency expert Ali Martinez, Dogecoin, which is well-known for being a meme coin in the digital currency world, is exhibiting positive technical signs that may signal an upcoming price surge based on its charts.

I believe many fellow investors have been drawn away from Dogecoin by the allure of newer memcoins. However, I think Dogecoin still holds significant importance in the altcoin market. Looking at its technical chart, Dogecoin appears to be following a pattern similar to that of 2018-2021. If this trend continues, we might be witnessing the start of a monumental bull run for DOGE!

Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

The DOGE/USD price chart over the past week shows a bearish descending triangle pattern that formed following Dogecoin’s peak in May 2021. However, contrary to this pattern’s usual bearish outcome, Dogecoin’s recent price action has been bullish. In fact, it broke above the triangle’s upper trendline as early as November 2023. This unexpected development undermines the bearish sentiment typically linked to descending triangles and suggests a significant change in market trends.

During the monthly closure in March, Dogecoin’s price surpassed the noteworthy 0.5 Fibonacci retracement mark of its declining trend, around $0.19057. This development suggests that there could be more gains to come. The current value of DOGE is $0.2072 at this moment, representing an impressive 86% price rise during the month.

The lines indicating Fibonacci retracement levels on the chart are derived from the peak and trough of past market trends for Dogecoin. Assuming Dogecoin maintains this pattern, the next objectives could be the 0.618 level at $0.26241, then the 0.786 level at $0.41376, and finally, reaching the all-time high of $0.73905.

The Fibonacci extension levels, which help determine potential prices during the trend continuation, are marked at $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level). These numbers indicate possible areas where the price may face resistance if it keeps rising.

Martinez’s assessment additionally features a forecast derived from Dogecoin’s price trend during the 2018-2021 bull market, depicted as the light gray line on the graph. This anticipated path is an extension of past pricing behaviors and indicates a potential parabolic increase for DOGE. It’s worth mentioning that based on history, Dogecoin’s price could surge significantly in April.

Based on Martinez’s prediction, Dogecoin’s price might increase significantly and reach around $1.5 by April. This forecast is reinforced by the Fibonacci extension levels, with $1.54481 (obtained from a 1.272 Fib level) representing a possible challenge to overcome.

After reaching its previous record high, the DOGE price may temporarily pause and stay within a range between that high and the 1,272 Fib level for an extended period of time, potentially spanning several months, before continuing to rise based on Martinez’s forecast.

If DOGE follows a pattern similar to explosive price movements in the past, it might surge beyond $1.50 and shatter the resistance levels at $2.27, $3.95, and $6.22. These levels correspond to the 1.414, 1.618, and 1.786 Fibonacci retracement ratios, respectively. The upward trend could then halt around $6.30. Subsequently, DOGE might attempt to breach the $11.11 mark (2.0 Fib level), which could represent a new all-time high for the cryptocurrency.

At press time, the DOGE price was at $0.2077.

Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

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2024-04-01 11:28