DOGE price action mirrors past bull markets; Parabolic breakout imminent?
Despite many assets in the cryptocurrency sector slowing down their gains, Dogecoin (DOGE) included, the popular puppy-themed meme coin is still holding firmly above the $0.08 level and is demonstrating signs that a strong recovery is in the cards in the next couple of months.
As it happens, the current price action of Dogecoin seems to be mirroring the patterns observed during its previous bull markets, including in 2017 and 2021, according to the observations shared by renowned crypto trading expert Ali Martinez in an X post he published on February 26.
Indeed, as Martinez explained on a Dogecoin chart, the past chart patterns repeating themselves this time around for DOGE could see the Tesla (NASDAQ: TSLA) CEO Elon Musk’s favorite crypto asset “enter a parabolic breakout around April” and push it towards $1.7 and then to $3.5 and beyond.
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As things stand, DOGE is currently trading at $0.0848, recording a slight decline of 1.64% on its daily chart, as well as dropping 1.34% over the week, but nonetheless holding onto its advance of 7.02% recorded across the last 30 days, according to the data retrieved on February 26.
It is also worth pointing out that Dogecoin’s price at present is above its 20-day, 50-day, and 200-day exponential moving averages (EMAs), which are all in the ‘buy’ zone, with the currently 10th-largest asset in the crypto sector by market capitalization facing nearest resistance at around $0.09.
Another bullish sign for DOGE is the increase in the volume of its transactions, with its ecosystem processing over 1 million transactions every day in the first three weeks of February 2024. With all these signs adding up, Dogecoin could indeed meet the expectations and achieve a parabolic breakout this spring.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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