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Dogecoin (DOGE) holders can take a sigh of relief as it appears that the coin’s consolidation period may end soon. Moreover, it is highly likely that the leading meme coin will enter a huge bull run in the near future. That is exactly what Ali Martinez predicted earlier today.
Martinez, a renowned crypto trader and expert, has shared an optimistic outlook for DOGE. He revealed that he has not reduced his DOGE holdings amid the ongoing bearish phase of the market. In fact, Martinez said he has been buying the dips during this time.
The analyst then proceeded to give a comprehensive price analysis and prediction for Dogecoin. He explained to his 68.1K followers on X that DOGE has been following the same pattern that the market has witnessed in previous years.
Potential bull run scenario
The analyst shared a Dogecoin price chart, which shows a similar pattern from the year 2015 to July 2024. Martinez expressed that Dogecoin consolidates in a descending triangle, which can be seen on the price chart. Following this, DOGE witnessed a major rally of 140% to 230%.
This rally was then followed by a retracement of 56% to 60%. Notably, the Dogecoin price is currently in this retracement phase, as it crashed after a notable rally earlier this year. However, Martinez said that historical patterns reveal that DOGE enters a major bull run after this retracement.
He then told his followers to wait for this major price movement. While Ali Martinez has predicted a major bull run, he also advised his followers to avoid panic selling and focus on accumulating with patience. This is the strategy that he has been following as well.
Coming to the current price of DOGE, it is trading at $0.1248 after a dip of 6.18% in the last 24 hours. The 24 hour trading volume of the meme coin has surged 5.48% to $903.45 million. As we can see, Dogecoin witnessed another dip today. However, DOGE may rebound from here based on Martinez’s analysis.