On-chain analyst Ali Martinez observed patterns in Dogecoin's price history that align with previous bull markets. He noted specific occurrences in 2017 and 2023 where significant price surges were observed, with increases of 8,700% and 23,740%, respectively.
Martinez identified a recurring pattern where a formation of "97 bars 69 d" appeared on the historical chart, suggesting the potential for a breakout on April 22, 2024. "Bars" represent trading activity over specific periods, while "d" likely represents days.
Martinez analyzed Dogecoin's price behavior and compared it to its 2020 rally. He noted the emergence from a descending triangle pattern and a consolidation phase, which he believes could precede another dramatic bull market.
Supporting evidence includes data from IntoTheBlock, which shows an increase in transactions, particularly in large transfers over $100,000, indicating growing interest in the cryptocurrency.
At the time of writing, Dogecoin was trading at $0.085 per token, slightly down in the last 24 hours.