DOGE Price Prediction: Cryptocurrency Analyst Ali Martinez Anticipates Correction, But Meme Coin Soars 14.3% Amid U.S. Election

Cryptocurrency analyst and trader Ali Martinez, known on the X platform under the name @ali_charts, has published a tweet to show that the original meme cryptocurrency, DOGE, loved by many traders, is facing a potential correction ahead.

Cryptocurrency analyst and trader Ali Martinez, known on the X platform as @ali_charts, shared a tweet to highlight a potential upcoming correction for the original meme cryptocurrency, adored by many traders - DOGE.

According to Martinez's analysis, the TD Sequential indicator has presented a sell signal for Dogecoin on a four-hour chart. This potential correction could lead the DOGE price down from the $0.161 level to the $0.156 level on the four-hour chart.

A sell signal on the #Dogecoin $DOGE 4-hour TD Sequential, anticipating a correction to $0.161 or $0.156! pic.twitter.com/q8CRhYSZR4

DOGE defies bearish price outlook

However, that prediction did not align with reality, as the meme cryptocurrency with the largest market capitalization value went on to soar by 14.3% on the four-hour chart. Dogecoin surged from roughly $0.15041 to reach the $0.17237 price level.

The two largest cryptocurrencies - Bitcoin and Ethereum - also showed price increases, rising by 1.7% and 2.1%, respectively. The coins reversed after showing major declines. A possible reason for the price surge for DOGE, BTC and ETH could be the U.S. election that is currently underway.

The cryptocurrency community is awaiting the results, as the outcome could have a significant impact on future regulatory approaches to crypto and its adoption in the United States.

Around a week ago, renowned investor Raoul Pal predicted that Dogecoin might enter the Banana zone soon - a period where DOGE experiences an unrestrained upward price surge. This would complete the bull pattern on the chart, which began forming in 2021 after the meme coin reached an all-time high in early May at around $0.75.

That price spike occurred after the biggest DOGE fan, Elon Musk, called himself “The DogeFather” in a famous tweet and later endorsed it during his appearance on Saturday Night Live.

Dogecoin founder "approves" selling X merch for DOGE

Over the weekend, Dogecoin co-founder Billy Markus shared his thoughts on the possibility of X beginning to sell its merchandise for DOGE.

DOGE enthusiast @dogeofficialceo retweeted a post by the X team, which hinted at the upcoming launch of X merch. The DOGE-themed account then asked its large following whether they would be interested in purchasing the merch with DOGE.

Billy Markus replied with a simple "ya." He also commented on the original tweet from X, writing "XXX."

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