Highlights:
- A market expert predicted that Dogecoin could achieve a 140% – 230% increase.
- The market expert prediction stemmed from historical trends and also included the possibility of a 56% – 60% decline.
- Technical analysis suggested Dogecoin is on a downward trajectory.
The Elon Musk-inspired meme coin Dogecoin (DOGE) could be on track to attain a 140%—230% increase. A market expert speculated on the imminent price surge for DOGE, eliciting wild-spread excitement among coin enthusiasts.
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The above assertion implies that Dogecoin’s consolidation phase might soon end, orchestrating a pathway for the token’s boom era. However, like its peers, DOGE has continued to flash unimpressive price readings despite its position as the king of the meme ecosystem.
Dogecoin’s Market Actions
At the time of press, DOGE is valued at approximately $0.12, reflecting a 6% downtrend in the past 24 hours. Dogecoin’s current price implies that the token is 83% below its $0.73 all-time high (ATH), attained in May 2021.
Similarly, Shiba Inu (SHIB), the second most valuable meme coin, has dropped by 6.2% in the past 24 hours. Consequently, it is changing hands at about $0.000016 and below its ATH by 81.1%, underscoring the market declines in the meme ecosystem.
Relative to its price changes across specific periods, the current declines in Dogecoin prices might seem transient. For context, in its 7-day-to-date and 14-day-to-date variables, DOGE recorded price spikes of about 5.1% and 15.6%, respectively. Hence, it supports the initial claims about the propensity of DOGE’s price drop being short-lived.
Expert Weighs in With a Projected 140% – 230% Increase
Taking to X, renowned market chartist Ali Martinez has called his followers’ attention to a unique pattern on DOGE’s price chart. According to the expert, Dogecoin is replicating a previous trend that saw it register a 140% – 230% increase. He also noted that he has only accumulated Dogecoin and has never sold any of his DOGE holdings.
Martinez’s tweet read in part, “Dogecoin is playing the same pattern we have seen before. It consolidates in a descending triangle, recording a 140% – 230% increase.” Furthermore, Martinez noted that DOGE will likely register declines before swinging in a bullish direction. Per the market expert, the price drops could range between 56% and 60%.
I haven't sold one single $DOGE. I've just been buying!#Dogecoin is playing the same pattern we've seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run.
So now we just wait!!! pic.twitter.com/YKtOYJd638
— Ali (@ali_charts) July 25, 2024
Implications of Martinez’s 140% – 230% Increase for Dogecoin
Analysing Martinez’s shared chart closely, DOGE’s was fixed at $0.13. Hence, Dogecoin achieving a 140% – 230% increase would result in price increments ranging between $0.312 and $0.429. On the other hand, a 56% to 60% price drop would culminate in price levels ranging between $0.0572 and $0.052.
Considering DOGE’s ATH, it is relatively safe to say that Martinez’s analysis seems feasible. In addition, the price declines could also become a possibility in the future. However, the marketplace remains highly volatile, which implies that any outcome could play out. Hence, market participants should brace up for possible eventualities that could play out.
Technical Analysis Suggests Martinez’s 56% – 60% Decline Happening Soon
On technical analysis, DOGE is on a downward trajectory and has dropped from $0.14 to its present price status. Currently, it is trading between $0.135 as resistance and $0.122 as support. If the bear persists, DOGE could dip below $0.122 in no distant time, with $0.118 as the next support. Breaching the $0.118 mark in a persistently bearish scenario will drive Dogecoin’s price below $0.1.
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