Veteran market analyst Ali Martinez claims that Dogecoin could resume a 700% rally as early as next week if the historic cyclical timeline holds true.
Dogecoin has reestablished its uptrend after an uneventful outing last week. As a reminder, the leading meme coin corrected 12% the previous week amid a broader market recession.
Meanwhile, despite rising 8% in the past 24 hours, it lags behind high-caliber assets like XRP and Cardano in terms of price performance. As a reminder, the dog-themed meme coin has appreciated 16% over the past seven days, compared to 46% for XRP and 22% for Cardano.
However, market expert Ali Martinez suggests that Dogecoin could resume an explosive northward push imminently. Her analysis has insinuated that the seventh largest cryptocurrency by market capitalization could rise by up to 700% starting next week.
A 700% increase in Dogecoin starting next week?
The crypto market tends to reflect previous price movements in its cyclical pattern. This synergy is one of the premises on which market analysts observe and predict the next move of an asset.
Martinez used this strategy in his comment on Thursday, suggesting that Dogecoin could resume an exponential rise starting next week.
The analyst recalled that Dogecoin began a massive uptrend during the week of January 25, 2021. Notably, the price appreciation came on the heels of a 56% correction from its December high.
To recall, the meme token has retraced almost 56% from its December 2021 high of $0.0143 to its low of $0.0067. However, it resumed an uptrend on Monday, January 25, 2021 and closed the month with 700% price growth.
Martinez noted that Dogecoin has retraced 46% from its December all-time high price, similar to the 2021 feat. As a result, if history repeats itself, the meme coin could resume a price discovery phase from next week.
Nonetheless, Martinez’s Dogecoin target remains between $4 and $23. He maintained that the ambitious prices are possibleciting the cyclical fractal trend of the token.
Dogecoin ready to send
Meanwhile, Trader analyst Tardigrade confirmed the converging bullish momentum on Wednesday. comment. He shared a chart showing that Dogecoin is about to break out of a descending wedge on the daily time frame.
The same alpha coin’s Relative Strength Index (RSI) also appeared to follow the price breakout, indicating extremely bullish momentum. Although the market expert did not specify a price target, his previous analysis suggests a break at $2.
Notably, Dogecoin broke out of the bullish falling wedge with a close at $0.3848 on Wednesday. Sustained trading above the trendline could see the token target higher prices.
At press time, Dogecoin is trading at $0.3808, down 1% over the past day.
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