Seasoned market analyst Ali Martinez says Dogecoin could resume a 700% upswing as early as next week if the historic cyclical timeline proves true.
Dogecoin has reinstated its uptrend after an uneventful outing last week. For context, the leading meme coin corrected 12% the previous week amid a broader market recession.
Meanwhile, despite the 8% uptick in the past 24 hours, it trails high-caliber assets like XRP and Cardano in price performance. For context, the dog-themed meme coin has appreciated 16% in the past seven days, compared to XRP’s 46% and Cardano’s 22%.
However, market expert Ali Martinez suggests Dogecoin could imminently resume an explosive northward drive. His analysis insinuated that the seventh-largest cryptocurrency by market cap could surge up to 700% starting next week.
A 700% Dogecoin Surge from Next Week?
The crypto market tends to mirror previous price actions in its cyclical pattern. This synergy is one premise on which market analysts observe and predict an asset’s next move.
Martinez employed this strategy in his Thursday commentary, suggesting that Dogecoin could resume an exponential upswing from next week.
The analyst recalled that Dogecoin started a massive uptrend in the week of January 25, 2021. Notably, the price appreciation came on the heels of a 56% correction from its December high.
For context, the meme token retraced almost 56% from its December 2021 high of $0.0143 to a low of $0.0067. However, it resumed an uptrend on Monday, January 25, 2021, and closed the month with a 700% price growth.
Martinez noted that Dogecoin has retraced 46% from its December price high, similar to the 2021 feat. As a result, if history repeats, the meme coin could resume an upsurge to a price discovery phase from next week.
Nonetheless, Martinez’s Dogecoin target remains between $4 and $23. He argued that the ambitious prices are possible, citing the token’s cyclical fractal trend.
Dogecoin Ready to Send
Meanwhile, analyst Trader Tardigrade confirmed the converging bullish momentum in a Wednesday commentary. He shared a chart showing that Dogecoin is about to break out from a falling wedge on the daily timeframe.
The meme coin alpha’s relative strength index (RSI) also looked to follow its price breakout, indicating super bullish momentum. Although the market expert did not specify a price target, his earlier analysis suggests a break to $2.
Notably, Dogecoin broke out of the bullish falling wedge with a close at $0.3848 on Wednesday. A sustained trade above the trend line could see the token target higher prices.
At press time, Dogecoin trades at $0.3808, down 1% in the past day.
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