Crypto expert Ali Martinez is predicting a potentially huge rally for Dogecoin (DOGE), with historical patterns suggesting that the popular meme coin could be on the verge of doubling in price.
Specifically, Martinez bases his prediction on the MACD indicator, pointing out that the last two times DOGE experienced a bullish cross on the weekly chart, the price jumped 90% and 180%.
For those unfamiliar with the term, MACD, or Moving Average Convergence Divergence, is a popular technical indicator used to measure price momentum, and when a bullish crossover occurs – where the MACD line moves above the signal line – it can signal the beginning of a significant upward trend.
The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.
A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i
— Ali (@ali_charts) October 2, 2024
These last two times mentioned are the price surges of Dogecoin in Oct. 16, when the price of the major meme coin soared by 84.54%, reaching a high of around $0.10 in the next eight weeks since the crossover happened. The next spike amid a bullish MACD crossover happened for DOGE in late February this year, when the price of Dogecoin reached a high of $0.2288 after a 178% spike in six weeks.
Can DOGE go higher?
Interestingly, the starting point of the price for the upcoming bullish MACD crossover, if it is to happen, is higher than in previous cases.
For example, in 2023, it was around $0.061, while in February 2024, the price was around $0.085. Currently, the price of Dogecoin is $0.10. This may mean that the expected result of the MACD bullish crossover may be higher than the two previous times.
What is important is that Martinez reports that Dogecoin just saw its largest spike in active DOGE addresses in the past six months, reaching 84,306 active DOGE addresses. Some may not know that network bursts often precede big moves on price charts.
