Amid the asset’s recent resurgence, Dogecoin (DOGE) has been predicted by one analyst to go on a massive bull run. Indeed, the original meme coin has been one of many cryptocurrencies trading in the green to start the day. Moreover, that could be part of an overarching rally set to take the market by storm.
Over the last 24 hours, Dogecoin has surged almost 8%, according to CoinMarketCap. Currently trading above $0.13, the performance has reversed losses extending to the last 30 days. Subsequently, one analyst has noted why history could be set to repeat itself in the form of an impending rally.
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Dogecoin Preparing for Massive Bull Run?
The digital asset market saw a rather disheartening performance across the board at the start of May. Indeed, industry leader Bitcoin had dropped below the $57,000 level, a far cry from its $73,000 landmark high it reached just two months prior. However, things seem to be turning around.
One of the assets that has enjoyed a notable resurgence is Dogecoin. The meme coin has reversed an ongoing decline trend that had worried many investors. However, one expert has noted that such performances may have been part of an overarching trajectory.
Specifically, Dogecoin has been predicted by crypto analyst Ali Martinez to potentially enjoy a massive bull run. Taking to X (formerly Twitter), Martinez explored historical developments for DOGE. Moreover, he pointed out why the asset could be posed to repeat.
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Speaking on the assets price correction, Martinez noted that it was “mutual behavior before a massive bull run!” Thereafter, he noted that in 2017, DOGE broke out of a descending triangle. Subsequently, it retraced by 40%, “before entering a 982% bull run!”
That didn’t appear to be an isolated incident, however, as the asset would repeat the development four years later. In 2021, the same descending triangle breakout occurred. This time, it saw a 56% retracement followed by a rally of 12,197%.
Shifting the focus to today’s market, Martines noted that DOGE has yet again broken out of a descending triangle. Since that occurred, there has been a 47% price correction for the asset. Therefore, it could be set to face a massive bull rally and continue to verify the historical pattern.
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