Prominent market analyst Ali Martinez has predicted that Dogecoin could be up for a scintillating rebound amid a potential bullish crossover on the Stoch RSI.
Dogecoin has recorded two consecutive daily gains for the first time since March 2, rebounding 22% from a low of $0.1427 on Tuesday to a high of $0.1742 yesterday. This rebound mirrors a broader market resurgence following speculations that Donald Trump is open to discussing the tariff war resolution with the Canadian prime minister.
The recent DOGE rebound has seen the meme coin recover earlier losses this week and looks to be forming a dragonfly doji on the timeframe. This price action has also seen its Stochastic (Stoch) relative strength index (RSI) gearing up for a bullish crossover.
Market analyst Ali Martinez highlighted the forming bullish indicator, asserting it could severely impact the prominent meme coin’s price.
Dogecoin On Course for a Strong Rebound
In a Wednesday tweet, Martinez stated that Dogecoin could be set for a parabolic rally, citing a possible Stoch RSI crossover on the weekly timeframe. He emphasized the indicator’s historical implication for the doggy-themed meme token and how it could catalyze a price rebound.
Martinez cited instances where the weekly crossover spurred a parabolic expansion dating back to October 2023. The indicator flipped bullish on the month, with DOGE responding with an 88% from $0.0569 to $0.1075.
Meanwhile, a similar situation occurred in February 2024, with the Stoch RSI bullishly crossing over. Dogecoin surged by 187% from $0.0793 to an intra-month high of $0.2290. A more extensive rally happened in September when the meme coin surged a staggering 444% from $0.0890 to its current bull cycle high of $0.4846.
Interestingly, Martinez identified that DOGE’s weekly Stoch RSI is about to witness another bullish crossover. If this bullish scenario fully materializes, the analyst speculates a strong price upward trajectory.
Remarkably, the last three crossovers have seen the respective percentage upsurge trounce the former. Hence, if the trends repeat, Dogecoin could surge by at least 444%, taking its price past its current all-time high to at least $0.914.
Higher Prices After Rebound
Meanwhile, in the short term, Dogecoin has shown upward momentum after the TD Sequential hinted at a bullish reversal on Tuesday. The bounce from the daily low of $0.1427 saw the asset push above the crucial $0.16 support, which analysis suggests could spur an outburst to $2.
If the current trend continues, DOGE could push for higher prices. According to a commentary, the meme coin alpha could surge to an ambitious $8.5 when the third wave of its Elliott Wave price pattern kicks in.
In the meantime, DOGE trades at $0.1675, with its RSI trending at 39.83, close to the oversold territory.
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