Dogecoin’s Moment to Shine: Analyst Predicts 1,580% Price Rally to $1

• A prominent market analyst makes a bullish prediction and says Dogecoin could be gearing up for a much-needed bullish rally. 
• The analyst is also predicting that Ether is poised to swing upwards. 

Dogecoin (DOGE) is still regarded as one of the most relevant memecoins in the cryptocurrency market. However, the prominent asset, like its peers, has faced its fair share of resistance from the bears.

Despite this, a notable market player is making a strong bullish call, as he predicts that Dogecoin might be gearing up for a much-needed price rally. In a recent tweet shared to X, formerly Twitter, Ali Martinez shared insights into Dogecoin’s current position to his 30,000 followers.

According to the analyst, Dogecoin is moving towards the apex of a multi-year descending triangle formation. This pattern is not particularly a good sign for market players, as a descending triangle pattern is a bearish chart formation. It is typically used in technical analysis to determine potential downward price movements.

He goes on to warn the market of a particular support level below the $0.050 price mark, which could open the pathway for a bearish rally. However, Martinez is positive that the memecoin could head upwards if it succeeds in closing above the $0.083 price level.

As he explains in his post;

A weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness around this level could lead to a new yearly low.

#Dogecoin is approaching the apex of this multi-year descending triangle formation.

A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness… pic.twitter.com/Emcwfyv6cE

— Ali (@ali_charts) October 13, 2023

At report time, Dogecoin (DOGE) is valued at $0.06015. Although the memecoin has sustained daily gains, it is still clearing off losses from the previous month.

Analyst bullish on Ethereum (ETH), says the asset is heading toward $1,900

The analyst also shed light on Ethereum’s current position in the market. The second-largest cryptocurrency by market has failed to reach market expectations, despite sustaining momentum above the $1,500 price mark for most of the year.

He first notes that Ethereum’s MVRV Momentum indicator has been invaluable in guiding his buy or sell decisions for ETH. He concludes that there is no buy or sell signal insight for the asset at this time.

In a follow-up post, he makes an even more promising statement, explaining that Ether is very well positioned for a rebound, courtesy of a recently spotted signal. The asset could climb up to $1,900 as a result of the new development, he remarks.

“Ethereum is poised for a rebound off the hypotenuse of an ascending triangle spotted on the 3-day chart. A firm close above the 18SMA could propel ETH to $1,800 – $1,900.” The analyst wrote.

#Ethereum is poised for a rebound off the hypotenuse of an ascending triangle spotted on the 3-day chart. A firm close above the 18SMA could propel $ETH to $1,800 – $1,900.

You can try this trading strategy at @PrimeXBT. Use the promo code alicharts and register here:… pic.twitter.com/zT8KOS6nkE

— Ali (@ali_charts) October 20, 2023

During the time of this report, ETH is trading for $1,605, after taking in gains of 3.09% over the last 24 hours, and more than 9% worth of gains over the past week.

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