Dogecoin has been on the rise lately, with a 5% daily increase and one analyst predicting a significant rally based on historical patterns. The Relative Strength Index (RSI) also indicates a potential upcoming uptrend.
In the past week, Dogecoin saw a 7% price increase, reaching $0.13 after briefly slipping to $0.12. Analyst Ali Martinez believes that these price swings are part of a bullish path that could lead Dogecoin to a new all-time high in the coming months. Martinez points to a similar pattern in 2016 and 2021, where Dogecoin consolidated in a descending triangle before experiencing a triple-digit price rally. He expects a similar surge in the near future and has been buying more DOGE tokens without selling any.
Other analysts like Mags and KALEO also see a bright future for Dogecoin. Mags believes that the accumulation phase is over and a “parabola” stage could push the price above $1. KALEO, on the other hand, thinks Dogecoin has the power to move sideways for extended periods before experiencing rapid, vertical growth, possibly outpacing Bitcoin.
The RSI for Dogecoin currently stands at 50, signaling a potential uptick in price movements. This metric was in a similar zone at the end of March and the beginning of April when Dogecoin’s value exceeded $0.22.
Overall, analysts are optimistic about Dogecoin’s future price movements, with historical patterns and technical indicators pointing towards a potential rally. Investors may want to keep an eye on Dogecoin as it continues to show signs of growth and potential for a new all-time high.