Expert Warns Dogecoin Investors Against Chasing ‘New Shiny Memecoins’, Sees ‘Massive Parabolic Bull Run’ for DOGE

A popular crypto expert is urging Dogecoin (DOGE) investors not to get distracted by newly launched memecoins, suggesting that the original memecoin could be gearing up for a major bull run based on technical signals.

The analyst, who goes by the name Ali on X, believes that while “fellow degens have been distracted with the new shiny #memecoins,” Dogecoin “remains the most important #altcoin in this sector.”

According to Ali’s technical analysis, Dogecoin’s recent price action appears to be mirroring the pattern DOGE went through from 2018 to 2021. If the fractal plays out, the analyst warns that “DOGE could be at the very beginning of a massive parabolic bull run.”

“From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive parabolic bull run!” Ali stated in a tweet alongside a chart comparing the two patterns.

A parabolic bull run refers to a particularly powerful uptrend that traces a parabolic curve on price charts, often fueled by an influx of speculative trading interest.

Dogecoin famously went through such a parabolic rally in early 2021 amid the memecoin frenzy, with the price skyrocketing over 15,000% from under a penny to an all-time high near 74 cents. The explosive move captured mainstream attention and catalyzed the initial meme-based crypto craze.

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Technical analysis involves studying patterns, indicators and historical data on an asset’s price charts to attempt to forecast where the price could head next. Analysts often look for repeating fractals, or similar pattern formations over different timeframes.

Of course, technical analysis is not a crystal ball, and past performance never guarantees future results. However, Ali appears to be suggesting that another massive parabolic uptrend could be brewing for Dogecoin based on the fractal playing out once again.

The analyst’s warning against chasing “new shiny memecoins” hints that DOGE’s first-mover advantage and significant brand recognition could allow it to greatly outperform upstart meme token competitors if the next speculative frenzy arrives.

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The post Expert Warns Dogecoin Investors Against Chasing ‘New Shiny Memecoins’, Sees ‘Massive Parabolic Bull Run’ for DOGE appeared first on CaptainAltcoin.