Market expert says Dogecoin will pump 700% early next week

Veteran market analyst Ali Martinez says Dogecoin could resume a 700% rally as early as next week if the historical cyclical timeline proves correct.

Dogecoin has regained its uptrend after a quiet outing last week. For context, the leading meme coin corrected 12% in the previous week amid a broader market slump.

Meanwhile, despite rising 8% over the past 24 hours, it lags behind high-quality assets such as XRP and Cardano in price performance. For context, the value of the dog-themed meme has risen 16% in the past seven days, compared to 46% for XRP and 22% for Cardano.

However, market expert Ali Martinez points out that Dogecoin may imminently resume its explosive march north. for him analysis He hinted that the seventh-largest cryptocurrency by market cap could rise by up to 700% starting next week.

700% rise in Dogecoin next week?

The cryptocurrency market tends to reflect past price movements in its cyclical pattern. This synergy is one of the hypotheses on which market analysts monitor and predict the next move for the asset.

Martinez used this strategy in his commentary on Thursday, noting that Dogecoin could resume its accelerating rise starting next week.

The analyst pointed this out Dogecoin It began a massive uptrend in the week of January 25, 2021. Notably, the price rally came on the heels of a 56% correction from the December high.

For context, the meme token fell approximately 56% from its December 2021 high of $0.0143 to its low of $0.0067. However, it resumed its upward trend on Monday, January 25, 2021, and ended the month with 700% price growth.

Martinez noted that Dogecoin has fallen 46% from its December high, similar to what happened in 2021. As a result, if history repeats, the meme could resume its climb into the price discovery phase starting next week.

However, Martinez’s target for Dogecoin remains between $4 and $23. He said that Ambitious prices are possibleciting the token’s periodic fractal trend.

Dogecoin is ready to send

Meanwhile, analyst Trader Tardigrade confirmed the converging bullish momentum on Wednesday Comment. He shared a chart showing that Dogecoin is about to break out of a falling wedge on the daily time frame.

Mimi Alpha’s Relative Strength Index (RSI) also appeared to be following the price breakout, indicating superior bullish momentum. Although the market expert did not specify his target price earlier analysis It is suggested to break down to $2.

Notably, Dogecoin exited the bullish falling wedge and closed at $0.3848 on Wednesday. Continuous trading above the trend line can result in the token being targeted for higher prices.

At press time, Dogecoin is trading at $0.3808, down 1% in the past day.