If Dogecoin (DOGE) follows a historical pattern, a well-followed cryptocurrency analyst thinks the memecoin might reach a significant price goal.
On social networking site X, cryptocurrency strategist Ali Martinez informs his 56,000 followers that the dog-themed digital asset has the potential to increase in value by 5,900% from its current level.
"The new, sparkly memecoins seem to have diverted my fellow DEGENs, but Dogecoin is still the most significant cryptocurrency in this market. Technically speaking, DOGE appears to follow the 2018–2021 trend. If this is the case, DOGE may be just starting a tremendous parabolic bull run!"
As of this writing, Dogecoin is down 6.5% over the previous day to trade at $0.20.
Next, according to the researcher, the enormous volume of network transactions being done by wealthy investors suggests that Ethereum (ETH) is on a bullish rise. As of this writing, the price of Ethereum is $3,507, down about 4% over the past day.
Finally, the expert speculates that the price trend of Bitcoin (BTC) might be reflecting something like the Nasdaq's recent performance.
As of this writing, Bitcoin is trading at $67,115, down over 6% from the previous day.
April 2024, Cryptoniteuae