Expert Says 13% Dogecoin Dip No Reason to Panic as It Can Result in 9,470% to 30,700% Price Explosion
Seasoned market analyst Ali Martinez has insisted that historical data shows that Dogecoin’s current 13% dip is no reason to panic.
Dogecoin has corrected 13% from its weekly high attained on November 12. Before then, the largest meme coin by market cap surged to a 3-year price high of $0.4355, sponsored by favorable macroeconomics.
Notably, seasoned analyst Ali Martinez foresaw the downtrend, warning investors of an impending correction. He cited the TD Sequential on multiple timeframes that printed a buy signal on DOGE’s price chart.
Now that the correction has materialized, Martinez has urged Dogecoin proponents to remain resilient in the face of the price drop. He argued that corrections were healthy, as historical trends show Dogecoin is up for another bullish outbreak when the downswings end.
Analyst Cites Historical Data Backing Claims
In a Wednesday tweet, Martinez showed his audience Dogecoin’s historical correction patterns and how they have preceded further price upswings. He then stated that the 13% dip was no reason to panic.
Martinez noted that Dogecoin followed a similar correction pattern in its 9,470% and 30,700% upsurges in 2017 and 2021, respectively. He further stated that the meme coin faced two major corrections but still recorded substantial uptrends in those years.
In 2017, DOGE corrected 40% and 84% on the path of its 9,470% price explosion, which saw it peak at $0.01355 in January 2018. The token also repeated the pattern, correcting 56.51% and 53.25% in 2021.
However, Dogecoin ultimately grew a staggering 30,700%, hitting its current all-time high of $0.7376 in May 2021. With the analogy, Martinez called for patience and conviction, insisting they are the requirements to “become a true Dogecoin millionaire.”
Price Outlook for Dogecoin After Correction
Notably, Martinez had earlier given price expectations for Dogecoin after its correctional phase. Per an analysis, the seasoned market analyst speculated an over 500% surge to $2.4 and an ambitious 4,440% uptick to $18.
The analyst based his assertion on Dogecoin surging to the upper channel of its ascending channel. The 500% growth is if the meme king hits midway through the channel, and the 4,440% would represent a theoretical uptick to its upper boundaries.
Interestingly, Marinez has given higher Dogecoin assertions. In another analysis, he speculated that the meme coin would surge over 7,000% to $23, citing Elon Musk’s growing influence.
In the meantime, Dogecoin trades at $0.4059, up 17% in the past 24 hours as it embarks on a recovery push.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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