A prominent crypto analyst believes that Dogecoin (DOGE), a popular memecoin, is preparing for another significant rally. Crypto strategist Ali Martinez, who has a following of 103,200 on the social media platform X, suggests that Dogecoin may be following the same market cycles as it did in 2017 and 2021. During these cycles, the memecoin experienced a drastic correction before witnessing a meteoric rise.

“In 2017, when Dogecoin started its parabolic run, it surged by 212%, retraced by 40%, and then rallied by 5,000%. In 2021, it increased by 476%, retraced by 56%, and then skyrocketed by 12,000%.

Currently, in 2024, DOGE has risen by 440% and retraced by 46%. If history repeats itself, another parabolic rally is imminent!”

Based on the analyst’s chart, it appears that he predicts Dogecoin will surpass $1 if this parabolic rally occurs. Upon closer examination, Martinez notes that DOGE is displaying a bullish signal on the daily chart according to the Tom DeMark (TD) Sequential Indicator. This indicator is used by traders to anticipate potential trend reversals based on the closing prices of the previous 13 bars or candles.

“The TD Sequential indicator is presenting a buy signal on the Dogecoin DOGE daily chart, indicating an anticipated price rebound!”

As of the time of writing, DOGE is valued at $0.32.

In regards to Bitcoin (BTC), the analyst suggests that the cryptocurrency king may be mirroring its early 2024 price action when it broke through an immediate support level before triggering new rallies.

“Throw it back! Bitcoin BTC.”

Based on the analyst’s chart, it seems that Bitcoin may briefly dip below $90,000 if it follows the early 2024 pattern. Currently, Bitcoin is valued at $94,133.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the individual’s responsibility. This publication does not recommend the buying or selling of any cryptocurrencies or digital assets, and it is not an investment advisor.