Here’s Why Dogecoin (DOGE) May Be Preparing For A “Massive Bull Run:” Analyst

TL; DR

The price of Dogecoin (DOGE) has fallen sharply, but historical patterns suggest that this decline could be preceded by a significant bull run, according to analyst Ali Martinez. MemCoin's key metrics indicate sustained demand and activity, including increases in active wallets, transaction volumes, and daily addresses.

Is DOGE's latest correction part of a bullish path?

The largest meme coin in terms of market capitalization In the weeks that followed, he suffered heavy losses. Recent failure The entire crypto sector. The price is down 15% in the last two weeks and 33% On a monthly basisIt currently sells for $0.128 (according to CoinGecko data).

However, the Famous Analyst Ali Martinez is not surprised by the negative trends, he points out that The retreat of the doge may be “part of its normal behavior before a large bull run.”

He highlighted. Over the years, there have been many instances when the price of MemCoin has fallen before increasing significantly. The first case It was in 2017 when DOGE retraced by 40% before exploding to nearly 1,000%.

The scenario repeated itself in 2021, with the asset's valuation plummeting 56%, but then rising a staggering 12,000%, reaching an all-time high of $0.70.

“Now, in 2024, he has DOGE. Christmas Broken from a descending triangle again! There is currently a 47% price correction, very similar to previous cycles, which could fuel the next DOGE bull run,” Ali Martinez concluded.

Last month, the analyst He argued As the Mem coin later entered the consolidation phase Previously Following the “descending triangle”. He believes the value could reach the $1 milestone by mimicking its historical performance.

These DOGE parameters are headed north

Although the price is reduced As of lateSome indicators related to the Dogecoin ecosystem have jumped significantly. as a Cryptopotato reported, Non-empty DOGE wallets have increased by 13.8% over the past three months.

Total Each transaction exceeds $100,000 daily has arrived About $1.5 billion, a 12 percent increase from the May 1 figure.

last one But at leastDaily active addresses surpassed the 66,000 mark (according to IntoTheBlock data), showing a 20% increase.