A well-known market analyst expects Dogecoin to rise to a double-digit price, pointing to patterns from the 2017 and 2021 market cycles.
Buoyed by the overwhelmingly positive sentiment in the crypto market, leading meme coin Dogecoin (DOGE) has had an essentially positive year with triple digital percentage price gains.
Although this rally has slowed in recent days broader market volatility Triggered by statements from Federal Reserve Chairman Jerome Powell, history suggests that this may well be a given the course a clearly parabolic course that still offers a lot of room for improvement.
The beginning of the path to $18?
Noted crypto analyst Ali Martinez has highlighted that Dogecoin may be on the cusp of a parabolic rally despite its recent surge. The analyst shared this view a Monday, December 23rd X post, citing the price movements of the dog-themed meme coin in 2017 and 2021.
As the analyst pointed out, in both cases the asset saw more significant gains after initially posting previous rallies and correcting by around 50%. In 2017 it was an increase of 212%, followed by a correction of 40% Then a 5,000% rally to a high of $0.01857. In 2021, it was a 476% increase, followed by a 56% correction and then a 12,000% increase to its current all-time high near the $0.74 price point.
The analyst has suggested that the asset could repeat these moves following the recent 46% price correction from highs around $0.48434 to lows around $0.26216, having risen over 400% year-to-date (YTD).
The historical pattern appears on the meme coin’s price chart as an ascending channel on the weekly timeframe, with the analyst suggesting a target near the $18 price…
