Benzinga - Renowned crypto analyst Ali Martinez has hinted at a potential bull run for Dogecoin (CRYPTO: DOGE), despite the cryptocurrency’s ongoing price correction.
What Happened: In a post on X, formerly Twitter, on Wednesday, Martinez noted that Dogecoin is currently experiencing a 47% price correction, similar to previous cycles. He suggested that this could be the precursor to the next bull run for the meme coin.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
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His tweet comes amidst a turbulent time for the cryptocurrency market, with Dogecoin and other major cryptocurrencies experiencing significant losses at the start of May.
In the same thread, Martinez said, “The ongoing [Dogecoin] price correction is part of its usual behavior before massive bull runs!”
Dogecoin has fallen 15.65% over a period of the last seven days, while the fall has been steeper over 30 days at 32.9%.
Why It Matters: Martinez’s prediction aligns with his previous statements about the behavior of Dogecoin. He has previously noted the coin’s tendency to mirror its past bull cycles, suggesting that patience could be rewarded.
Other traders have also been optimistic about Dogecoin’s future. Crypto trader Kevin analyzed Dogecoin's recent performance, noting the cryptocurrency was in an important support zone and if the cryptocurrencies were in a real bull market, the zone between 0.125-0.13 cents level was crucial.
Price Action: At the time of writing, Dogecoin traded 3.5% lower at $0.13, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock.com
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