Dogecoin (DOGE) has seen a daily surge of 5%, with one analyst predicting a strong rally based on past trends. Key indicators, such as the Relative Strength Index (RSI), also suggest a potential upward trend.
Holding Firm: No Plans to Sell The top meme cryptocurrency by market capitalization – Dogecoin (DOGE) – has performed notably well in the past week, recording a 7% rise in price. After briefly losing momentum and falling to around $0.12, it bounced back to $0.13, according to CoinGecko data.
DOGE Price DOGE Price, Source: CoinGecko Popular X user Ali Martinez believes these price fluctuations are part of a larger bullish trend, which could take DOGE to new highs in the coming months. He noted similarities to past patterns from 2016 and 2021, where Dogecoin consolidated in a descending triangle before experiencing a significant rally. Martinez predicts a similar move this time around:
“Dogecoin is following the same pattern we’ve observed before. It consolidates in a descending triangle, rallies by 140% to 230%, then retraces by 56% to 60% before entering a bull run.”
Martinez also revealed that he has been accumulating more DOGE tokens, without selling any.
Other analysts, including X users Mags and KALEO, share a positive outlook for Dogecoin. Mags suggested last month that the accumulation phase has ended, and a “parabola” stage could soon propel the price above $1. KALEO added that DOGE has a unique ability to trade sideways for long periods, followed by rapid growth, even predicting it may outpace Bitcoin (BTC).
RSI Indicates Uptrend The DOGE Relative Strength Index (RSI) further supports the idea of an incoming rally. RSI measures price momentum and typically ranges between 0 and 100. A value over 70 indicates a possible correction, while lower values suggest a price rise. DOGE’s current RSI is at 50.
Interestingly, the RSI hovered around this level in late March and early April when DOGE’s price climbed past $0.22.
