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Ali Martinez, one of the most well-known analysts in the crypto world, has recently shared his analysis of Dogecoin (DOGE), suggesting that history may be repeating itself for the popular meme coin.
Is Dogecoin Following a Familiar Pattern?
According to Martinez, DOGE may be exiting a multi-year descending triangle formation. Historically, this pattern has resulted in a 200% surge, followed by a 60% pullback, and then a significant bull run.
Martinez also highlighted that Bitcoin (BTC) has experienced a 65% retracement in its current market state, potentially setting up for the next major rally.
Moreover, the analyst pointed out that the increasing number of large transactions on the Dogecoin network could be a bullish signal:
“The number of large transactions on the Dogecoin network continues to rise, indicating that institutional investors and DOGE whales may be positioning themselves for a potential upward move.”
At the time of writing, DOGE is trading at $0.1106, having dropped by 13% over the past week.
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