A renowned crypto analyst believes that Dogecoin (DOGE), a popular memecoin, is preparing for another significant rally. Ali Martinez, a crypto strategist, suggests that Dogecoin may be following the pattern of its market cycles in 2017 and 2021, where it experienced a sharp correction followed by a meteoric rise.

In 2017, Dogecoin witnessed a parabolic run, surging by 212%, retracing 40%, and then rallying by 5,000%. Similarly, in 2021, it surged by 476%, retraced 56%, and then skyrocketed by 12,000%. Currently, in 2024, DOGE has already increased by 440% and retraced by 46%. If history repeats itself, another parabolic rally could be on the horizon.

According to Martinez’s chart, he predicts that Dogecoin could surpass $1 if this parabolic rally comes to fruition. Furthermore, he highlights that DOGE is currently displaying a bullish signal on the daily chart based on the Tom DeMark (TD) Sequential Indicator. This indicator is commonly used by traders to predict potential trend reversals based on the closing prices of previous bars or candles.

Martinez states, “The TD Sequential presents a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”

As of now, DOGE is valued at $0.32.

Moving on to Bitcoin (BTC), Martinez suggests that it may be mirroring its early 2024 price action, where it breached an immediate support level before triggering new rallies. Based on his chart, he predicts that Bitcoin may briefly dip below $90,000 if it follows the early 2024 pattern. Currently, Bitcoin is valued at $94,133.

It’s important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.

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