In an analysis shared via X, crypto analyst Ali Martinez elaborated on the ongoing price correction of Dogecoin (DOGE), positing that it is a consistent precursor to major bull runs, drawing on historical patterns to forecast future price movements. Martinez’s commentary centers on the chart pattern known as the “descending triangle.” This is a bearish formation that occurs when the price follows a downward trendline intersecting a flat support line. Typically, this pattern indicates a continuation of a downward trend, but in the context of Dogecoin, Martinez suggests it precedes significant bullish breakouts. “The ongoing Dogecoin price correction is part of its usual behavior before massive bull runs! Let’s dive in,” Martinez shared. He explained the historical significance of this pattern in Dogecoin’s trading history: “In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!” Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 Martinez further analyzed more recent cycles to reinforce his observations, “In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% ..
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