Dogecoin About to Explode? Here’s What Analysts Have To Say

Juhi Mirza
Dogecoin on a rocket
Image Source: Watcher Guru

Dogecoin has become one of the most sought-after crypto coins as of late. The crypto has taken the community by surprise, outperforming its previous set price standards. 

The crypto token is currently showing remarkable signs of a bull run, as evaluated by Ali Martinez, a leading crypto analyst and trader. 

Also Read: Dogecoin: How High Can DOGE Surge In March 2024?

Dogecoin’s Price Action Graph is Mirroring its 2020 Bullish Trajectory

Discussing it in detail, prominent crypto analyst Ali Martinez drew parallels between Dogecoin’s remarkable bull run in the year 2020 and its current price trajectory. 

Sharing Doge’s price action graph on X, Martinez outlines how Dogecoin’s current price trajectory is mirroring a bullish stance. 

He elaborated further, adding that the latest graph is mirroring Doge’s previous bullish breakthrough in 2020, where the crypto broke into a bull run, spiking as high as 28.770%. 

“Currently, #DOGE appears to be mirroring this pattern: having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run.” Martinez tweeted. 

A descending triangle in trading refers to a pattern that shows a downward trend. But in certain cases, it also forms as a result of an asset entering a consolidation phase in an uptrend. 

Per Martinez’s analysis, Dogecoin seems to have broken out of this descending triangle, indicating considerable ease under pressure. This also means that the token has entered into a consolidation phase, which can ultimately help Doge break into a solid bull run. 

Dogecoin’s Current Price Analysis

The latest Bitcoin ETF haul has bolstered all leading altcoins to new levels. At press time, Dogecoin is trading at $0.08361, down 1.70% in the last 24 hours. 

However, crypto has sought mainstream momentum after its recent alliance with luxury car maker Ferrari. Ferrari recently announced that it will accept its car payments in Doge, giving a significant boost and power to the crypto. 

Also Read: Dogecoin [DOGE] Weekly Price Prediction

According to the data shared by CoinmarketCap, Doge has also documented a surge in whale activity. The cryptocurrency has noted a boost in its transactions, surpassing the coveted 1 million in its daily transactions.