opportunity? DOGE is preparing for an imminent bull market.
With most assets in the cryptocurrency sector resuming green trading, Dogecoin (DOGE) is no exception and its recent price correction may be a preparation for the upcoming massive bull rally, a renowned market expert has said.
In fact, based on his analysis and observation of chart patterns, professional cryptocurrency trader Ali Martinez suggested that Dogecoin’s previous price correction was just “part of its normal behavior before a major bull run.” shared May 2nd in X thread.
Specifically, the analyst highlighted After DOGE broke out of its descending triangle pattern in 2017 and faced a 40% retracement, the popular Doge meme cryptocurrency asset went on to embark on a massive 982% bull run in the months that followed.
Then in 2021, DOGE Perform Similar price action occurred again. This time, it retraced a larger 56% before proceeding with a face-melting 12,197% rise, soaring from just $0.0002 to a whopping $0.0245.
DOGE price prediction
Recently, DOGE has once again repeated its price action breaking out of its descending triangle and is “currently experiencing a 47% price correction, which is very similar to previous cycles and could trigger the next DOGE bull market,” Martinez said. stressed out.
Meanwhile, the eighth-largest asset in the cryptocurrency market is currently trading at a price of $0.12833, a move that reverses losses of 14.28% and a decline of 30.74% on the weekly chart, implying a gain of 3.58% for the day. According to the most recent data obtained on May 2nd, it was accumulated on the monthly chart.
All things considered, Dogecoin could actually be headed for a massive bull market that could eclipse the previous two instances of similar price action. However, things in this field can sometimes take surprising twists, so it’s important to do your own research before investing.
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