Dogecoin’s price action and market structure are beginning to mirror the trend seen in previous years, according to renowned crypto analyst Ali Martinez. Martinez believes Dogecoin might be set for a parabolic bull rally in the coming weeks, raising hopes that the top meme cryptocurrency could register a new all-time high above $1 in Q2 2024.
Why Dogecoin Could Touch $1 In April
Dogecoin’s price has increased substantially by over 100% over the past two weeks, fueled by a bullish trend across the broader crypto market. This momentum hints at further potential gains for DOGE.
Moreover, analyst Ali Martinez recently observed that Dogecoin was entering a pattern that has historically resulted in meteoric bull runs. Notably, DOGE entered parallel channels in 2016 and 2020. The canine-themed coin’s value rocketed when it broke out from the range resistance in 2017 and 2021.
To be precise, the first time Dogecoin busted out of a similar parallel channel in 2017, it saw a 5,700% price growth from $0.0003 to as high as $0.01758. The crypto entered a similar price channel in 2019 before breaking out in 2021 and soaring by over 24,000% to shatter its current all-time high of $0.7316.
In Ali’s opinion, Dogecoin’s recent breakout from consolidation on its weekly chart could see the meme coin hit the elusive $1 mark in mid-April.
At press time, DOGE was changing hands for $0.178 with a market cap of over $25.5 billion, according to CoinGecko data. It’s sitting in the 9th place behind Cardano (ADA). The joke currency must jump by around 475% from current price levels to hit $1.
DOGE Price Breakout Is Brewing
Data from IntoTheBlock suggests that DOGE has a strong 0.97 correlation with Bitcoin, meaning sentiment around the ascendant cryptocurrency has a profound impact on its price action. Bitcoin is primed to continue on its uptrend to new lifetime highs above $70,000 as its fourth rewards halving event approaches — which could also indicate a continued rally for DOGE.
It’s worth mentioning that Martinez is not the only analyst foreseeing Dogecoin’s move to $1. As ZyCrypto reported earlier, a crypto strategist going by the online alias Altcoin Sherpa predicted that DOGE’s price could reach $1, buoyed by the altcoin’s most prominent booster, Tesla/SpaceX CEO Elon Musk. Sherpa, however, did not give a specific timeline.
Dogecoin surged in popularity and value after Musk pumped the asset on X (formerly known as Twitter). At one point during the 2021 bull rally, the original meme coin’s market cap was even bigger than that of several companies on the S&P 500. The eccentric billionaire has since hinted DOGE might be used to make payments on X.