The price of the meme-inspired cryptocurrency Dogecoin (DOGE) could surge an additional 6,770% in the future is its current ascending parallel channel pattern holds, meaning it could top the $17 mark.
According to popular cryptocurrency analyst Ali Martinez, DOGE has been trading within an ascending parallel channel pattern, which is a technical pattern characterized by two upward-sloping trend lines, which Martinez showed DOGe is trading within.
The price of the cryptocurrency has been oscillating between these two lines since at least 2016, according to the post, making a series of higher highs and higher lows.
It’s worth noting that the cryptocurrency hasn’t managed to hit the $1 mark, despite numerous instances of hype surrounding the milestone in previous bull markets. DOGE, which was initially created as a home in 2013, saw various prominent figures support it over the years, including Tesla and Space X CEO Elon Musk.
Dogecoin reached its all-time high in May 2021 at arounnd $0.74 and is down significantly since then to now trade at $0.32 per token. This year the meme-inspired token rose 250%, even after plunging more than 30% from its yearly high around $0.467.
As CryptoGlobe reported, a little-watched indicator is flashing a bullish signal for two major cryptocurrencies, leading meme-inspired token DOGE and the native token of the XRP Ledger, suggesting they may be poised for a price surge in the near future.
The metric Mean Dollar Invested Age, tracked by on-chain analytics firm Santiment, measures the average age of every dollar invested in a cryptocurrency. According to the firm, in a post on the microblogging platform X (formerly known as Twitter), the metric shows several cryptocurrencies including Bitcoin, XRP, and DOGE are seeing their Mean Dollar Invested Age line move down.
A downward movement in the metric “indicates that older, stagnant wallets (particularly from large key stakeholders) are circulating their dormant coins back into circulation, increasing network activity.” The indicator uses on-chain data to track when a coin was last moved on a network and, per Santiment, is one of the “key indicators throughout the history of each coin’s lifespan that helps validate that a bull market can and should continue.”
The indicator was accurate in the 2017 and 2021 bull markets, the firm added, noting that these came to a halt only after assets’ mean ages started rising again.
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