The price of the meme-inspired cryptocurrency Dogecoin (DOGE) could rise by another 6,770% in the future if its current ascending parallel channel pattern holds, meaning it could surpass the 17 mark. $.
According to popular cryptocurrency analyst Ali Martinez, DOGE trades in an ascending parallel channel pattern, which is a technical pattern characterized by two ascending trendlines, in which Martinez showed DOGE trading.
The cryptocurrency’s price has been oscillating between these two lines since at least 2016, according to the post, creating a series of higher highs and higher lows.
https://twitter.com/ali_charts/status/1873641171085361233
It is worth noting that the cryptocurrency has failed to reach the $1 mark, despite numerous instances of hype around this milestone during previous bull markets. DOGE, which was initially established as a home in 2013, has seen various personalities backing it over the years, including Tesla and Space X CEO Elon Musk.
Dogecoin hit its all-time high in May 2021 at around $0.74 and has declined significantly since then to now trade at $0.32 per token. This year, the meme-inspired token is up 250%, even after plunging more than 30% from its yearly high of around $0.467.
As CryptoGlobe reported, a little-watched indicator is issue a bullish signal for two major cryptocurrenciesthe leading meme-inspired token DOGE and the native token of the XRP Ledger, suggesting that they could be poised for a price rally in the near future.
The Mean Dollar Invested Age metric, tracked by on-chain analytics firm Santiment, measures the average age of each dollar invested in a cryptocurrency. According to the company, in a post on microblogging platform X (formerly known as Twitter), the metric shows that several cryptocurrencies, including Bitcoin, .
A downward movement in the metric “indicates that older, stagnant wallets (especially those of large key stakeholders) are bringing their dormant coins back into circulation, thereby increasing network activity.” The indicator uses on-chain data to track the last movement of a coin on a network and, according to Santiment, is one of the “key indicators throughout the history of the lifespan of each coin that allows to validate that a bull market can and must continue.”
The indicator was accurate during the bull markets of 2017 and 2021, the company added, noting that these only stopped after the average age of assets began to increase again.
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