- Dogecoin is predicted to surge nearly 500%, potentially reaching $1 by mid-April, according to analyst Ali Martinez.
- SHIB’s symmetrical triangle formation on the 4-hour chart indicates a possible 40% bullish breakout, targeting $0.000052, with a crucial support level at $0.000033.
Dogecoin (DOGE), the original meme coin, is currently attracting the attention of several leading crypto analysts again. A prominent crypto analyst, Ali Martinez, has stirred the community with a bold prediction, suggesting that Dogecoin is on the brink of a significant price explosion in the coming weeks.
Analysts Rally Behind DOGE’s Potential Surge
Martinez has analyzed historical patterns to forecast that Dogecoin could reach the $1 mark by mid-April. This projection implies a staggering 500% increase from its current trading price, an assertion that has the crypto world buzzing with anticipation.
This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April! pic.twitter.com/UAgldPcDbh
— Ali (@ali_charts) March 8, 2024
The analysis draws parallels to DOGE’s past performances, particularly noting similar trends in 2017 and 2021 when the crypto asset saw meteoric rises after breaking above its range resistance.
At the time of Martinez’s analysis, Dogecoin was trading at $0.167, a modest figure when juxtaposed with the anticipated $1 valuation. This potential leap not only highlights the volatile nature of meme cryptocurrencies but also underscores the significant impact of historical market patterns on future price movements.
At the time of writing, the price of DOGE had fallen 5.40% in the last 24 hours, fell to price of $0.1675. But, this represents an slightly increase of 0.64% over the past 7 days.
Martinez is not alone in his optimistic outlook for Dogecoin. Another crypto analyst, known by the pseudonym Altcoin Sherpa, echoed a similar sentiment earlier in the week.
$DOGE: Some random notes on this one:
-I think that this does something stupid, like go to $1+ or something. It's got too much firepower w. elon and is still king meme.
-When this happens? I have no idea. Could be now, could be 6 months from now.
-It wont give you the same… pic.twitter.com/BRYPxxZipM
— Altcoin Sherpa (@AltcoinSherpa) March 6, 2024
Altcoin Sherpa suggested that Dogecoin’s ascent to the $1 milestone could be further bolstered by one of the meme coin’s most prominent proponents, billionaire Elon Musk.
Musk’s past endorsements of DOGE have played pivotal roles in its valuation spikes, painting a conceivable scenario for the asset’s future growth, as formerly reported by ETHNews. To explore more details about this development, you can watch the following YouTube video.
SHIB’s Symmetrical Triangle: A Bullish Signal?
In a related development, Martinez expanded his analysis to include Dogecoin’s rival, Shiba Inu (SHIB), noting a symmetrical triangle formation on the 4-hour chart. This technical pattern is often interpreted as a prelude to significant price movements.
#ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052.
Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry
— Ali (@ali_charts) March 9, 2024
According to Martinez, a sustained closing above the resistance level of $0.000038 could trigger a bullish breakout, potentially elevating SHIB’s value by 40% to reach $0.000052.
However, investors are cautioned to keep an eye on the $0.000033 support level, as a breach below this threshold could negate the bullish forecast.
Like DOGE, SHIB has also experienced a price slump in the last 24 hours, falling 8.64% to $0.00003211 at the time of writing. This represents an increase of 19.34% in the last 7 days.