As recent price movements suggest, Dogecoin is clearly hard to maintain its gains.
Crypcurrency analyst Ali Martinez reiterated his stance on the future prospects of meme cryptocurrencies. He said DOGE's recent price moves largely reflects the 2018-2021 model. In particular, cryptocurrencies have consolidated their breakout from downmode and have now formed a bullish fractal that could push it into a massive parabolic bull market.
Most cryptocurrencies have fallen in their price movements over the past seven days, as they have given up some of their March gains. Memecoins Dogecoin, in particular, was also not excluded from consolidation, down 10. [] 75% in the past seven days. Interestingly, most of the outflow has occurred in the past two days, and because of the meme, the currency fell by about 7. [] 7%, consistent with the correction observed in Bitcoin.
DOGE has only experienced a few years of price action to observe historical performance, but analysts have used to point to recurring trends on social media. According to the DOGE chart shared by Martinez, DOGE entered a consolidation phase from 2018 to 2021, during which a series of lower highs and relatively straight price bottoms were formed. After finally breaking through the above trend line, the Meme tokens made an epic surge, reaching the current record high of $0. [] $7,316.
Current price moves show a similar pattern since reaching an all-time high in 2021. It's worth noting that the meme coins have formed a series of lower highs and relatively straight price bottoms. The recent bull market has crossed the upper trend line. Although it has done quite well since the outbreak, the only step left is a further price surge to above $0. [] $73.
Despite the broader consolidation, the market remains largely in bullish sentiment, with DOGE now forming a bullish fractal on the weekly time frame, confirming Martinez's recent analysis.
Martinez In his analysis, if the DOGE price rises again, it could reach $12. This represents a 6,660% increase from the current price level.
While the current DOGE rally does have some similarities to the 2021 rally, there are also key differences in market conditions, one of which is market value.