Dogecoin Price Echoes Past Bull Run: Will It Rise Above $1 Soon?

The Dogecoin price has been trending sideways on low timeframes, but the cryptocurrency might be gearing up for a massive rally. The bull run across the nascent sector has been unkind to the king of the memecoins, but an analyst pointed at a potential change in direction towards a fresh all-time high. Related Reading: XRP Price Soars: Analyst Predicts Surge Beyond $200 As of this writing, DOGE has stalled at its current levels with a 2% loss over the past 24 hours. Over the previous seven days, the token has recorded similar performance, but it remains green on the 2-week and 30-day horizon. Dogecoin Price Aims For The Moon? 23,000% Rally Possible According to analyst Ali Martinez, the Dogecoin price is moving with previous bullish trends. Despite the low timeframe bearish momentum, the king of the memecoins could record a new massive rally above its current all-time high near the $0.80 level. As seen in the chart below, the Dogecoin price experiences a sideways trend, which can extend to 679 days before exploding into a new all-time high. On DOGE’s weekly chart, the token records profits of 8,000% and 23,000% each time this happens. In late 2017, when the price of Bitcoin rose to $20,000, the Dogecoin price followed and broke the 679-day sideways trend with an 8,700% rally. In 2021, the memecoin experienced a similar breakout but with an even bigger rally. As the chart shows, Dogecoin might see an even bigger rally above $1 and $3 if this potential rally materializes. This price action is supported by DOGE’s capacity to move more aggressively to the upside every time it breaks the long sideways trend. The analyst stated: The price action of #Dogecoin…..

Cover image from Dall-E, chart from Tradingview