The Dogecoin price has struggled to build on its bullish momentum over the past few weeks, sinking to as low as $0.267 on December 20. However, the meme coin appears to have stabilized just above the $0.3 mark.
Interestingly, this price level might only serve as a springboard for the price of Dogecoin to new highs, according to a prominent crypto analyst on the social media platform X. The expert believes that the value of the meme coin could skyrocket to as high as $23.
Is DOGE Price Gearing For A 7,500% Rally?
In a new post on the X platform, crypto analyst Ali Martinez revealed that the Dogecoin price might be primed for a bullish breakout. This projection is based on the return of a price pattern (fractals) in the DOGE weekly chart, with the pundit suggesting that the token could rally to a new all-time high of $23.
For clarity, fractals are repeating patterns in price charts that can help predict future price movements for a particular cryptocurrency. As shown in the chart below, the Dogecoin price has been in a recurring descending triangle pattern on the weekly timeframe since as far back as 2014.
This bullish fractal has occurred multiple times in the past, with the Dogecoin price embarking on a positive run after breaking out of the consolidation range. Martinez highlighted that the price of DOGE broke out of the fractal in 2017, reaching a then-all-time high of $0.01877.
Similarly, the Dogecoin price broke out of the descending triangle in 2021, skyrocketing to the current all-time high of $0.7 during the previous bull cycle. Most recently, the meme coin has just broken out of this historical fractal.
With the current setup on the weekly chart, the price of DOGE looks set for a bullish explosion in the coming year. According to Martinez, the largest meme coin could travel as high as the $23 mark over the next few months, representing a 7,500% rally from the current price point.
Dogecoin Price At A Glance
As of this writing, the price of DOGE sits just above the $0.32 mark, reflecting a 2.5% increase in the past day. Nevertheless, this positive single-day performance has not been enough to move the meme coin into profit on the weekly timeframe.
According to data from CoinGecko data, Dogecoin still ranks as the largest meme coin and the seventh-largest cryptocurrency in the sector, with a market capitalization of around $47.4 billion.
