Dogecoin Mirroring Market Pattern From 2021 — Pundit Envisions Spectacular Price Jump To $1 DOGE By Mid-April

Dogecoin’s price action and market structure are beginning to mirror the trend seen in previous years, according to renowned crypto analyst Ali Martinez. Martinez believes Dogecoin might be set for a parabolic bull rally in the coming weeks, raising hopes that the top meme cryptocurrency could register a new all-time high above $1 in Q2 2024.

Why Dogecoin Could Touch $1 In April

Dogecoin’s price has increased substantially by over 100% over the past two weeks, fueled by a bullish trend across the broader crypto market. This momentum hints at further potential gains for DOGE.

Moreover, analyst Ali Martinez recently observed that Dogecoin was entering a pattern that has historically resulted in meteoric bull runs. Notably, DOGE entered parallel channels in 2016 and 2020. The canine-themed coin’s value rocketed when it broke out from the range resistance in 2017 and 2021.

To be precise, the first time Dogecoin busted out of a similar parallel channel in 2017, it saw a 5,700% price growth from $0.0003 to as high as $0.01758. The crypto entered a similar price channel in 2019 before breaking out in 2021 and soaring by over 24,000% to shatter its current all-time high of $0.7316.

In Ali’s opinion, Dogecoin’s recent breakout from consolidation on its weekly chart could see the meme coin hit the elusive $1 mark in mid-April.

At press time, DOGE was changing hands for $0.178 with a market cap of over $25.5 billion, according to CoinGecko data. It’s sitting in the 9th place behind Cardano (ADA). The joke currency must jump by around 475% from current price levels to hit $1.

DOGE Price Breakout Is Brewing

Data from IntoTheBlock suggests that DOGE has a strong 0.97 correlation with Bitcoin, meaning sentiment around the ascendant cryptocurrency has a profound impact on its price action. Bitcoin is primed to continue on its uptrend to new lifetime highs above $70,000 as its fourth rewards halving event approaches — which could also indicate a continued rally for DOGE.

It’s worth mentioning that Martinez is not the only analyst foreseeing Dogecoin’s move to $1. As ZyCrypto reported earlier, a crypto strategist going by the online alias Altcoin Sherpa predicted that DOGE’s price could reach $1, buoyed by the altcoin’s most prominent booster, Tesla/SpaceX CEO Elon Musk. Sherpa, however, did not give a specific timeline.

Dogecoin surged in popularity and value after Musk pumped the asset on X (formerly known as Twitter). At one point during the 2021 bull rally, the original meme coin’s market cap was even bigger than that of several companies on the S&P 500. The eccentric billionaire has since hinted DOGE might be used to make payments on X.