Investor sentiment is high on Dogecoin, fueled by chart patterns that suggest a potential breakout.
Analyst, Ali Martinez believes Dogecoin is forming a bullish pattern that has always come before price surges in the past.
Martinez predicts Dogecoin could reach $1 in the coming weeks.
The TD Sequential indicator has flashed a buy signal on Dogecoin's daily chart, suggesting a potential rally.
Dogecoin's price movement is often correlated with Bitcoin's, and a potential Bitcoin rally could benefit the memecoin.
Dogecoin might be poised for one of the biggest comebacks in the crypto market, as it turns out.
According to analysts, Dogecoin’s consolidation above the $0.15 support is a harbinger of massive things to come, and the community and investors are buzzing with anticipation.
Could Dogecoin be at the cusp of hitting and even breaking above the $1 zone in this cycle?
One of the biggest drivers of growth in the crypto market is investor sentiment.
This is even more so in the memecoin market, which relies on hype to make its price movements to the upside.
Dogecoin has been highly in favour lately when it comes to investor sentiment. Moreover, this sentiment isn't random and has technical backing according to a chart pattern highlighted by technical analyst and investor, Ali Martinez.
According to a X (Twitter), Ali shared insights on where Dogecoin is headed to be
Insights on Dogecoin
According to the analyst's insights, Dogecoin has formed several descending trendline chart patterns and has exploded to the upside every single time.
This time around, Dogecoin is in another one of these formations, which he calls a “classic pattern” that often comes before significant price movements.
This means that Dogecoin’s consolidation is the calm before an incoming bullish storm, and it might be best to be forewarned and forearmed.
Even better, is how the analyst opined that we might be seeing the memecoin skyrocket towards $1 in the coming weeks.
This isn’t the first of bullish Dogecoin posts from Martinez.
The analyst has been calling for a DOgecoin rally since March and has stated that we might be seeing a $1 Dogecoin much sooner than anyone expects.
In another 20 April tweet, the analyst mentioned that the TD Sequential indicator has flashed a buy signal for Dogecoin on the daily chart, indicating a potential rally that might span between one to four days for $DOGE.
Dogecoin’s buy signal
Moreover, Dogecoin’s price action has been deeply intertwined with Bitcoin’s, with both showing a form of symbiosis.
Bitcoin and Dogecoin correlation
We can see this correlation between both cryptocurrencies in the chart above, showing the prices of Bitcoin (green) and Dogecoin (red).
In light of this, Dogecoin might turn out to be a direct beneficiary of Bitcoin’s price movement to the upside, when the post-Bitcoin halving rally hits.
It turns out that the $1 zone might be highly achievable for Dogecoin.
The memecoin reversed course from the $0.7 zone in May 2022 as the bear market hit, indicating that a retest of this price level might be one of Dogecoin’s prime targets.
Dogecoin’s rally to $1
If Ali's outlooks hold water and Dogecoin starts and maintains this price movement to the upside, the $1 or even higher may turn out to be a walk in the park.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.