Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin
14 Outubro 2023 - 5:00PM
NEWSBTC
Recently, the price of Dogecoin (DOGE), the largest meme coin by
market cap, has struggled alongside the general cryptocurrency
market. However, the latest price action displays an exciting and
positive outlook for the cryptocurrency. Renowned crypto analyst
Ali Martinez recently shared a fresh insight on Dogecoin,
speculating on a forthcoming price rally for the meme token. The
Dogecoin Descending Triangle Formation Ali Martinez – via a post on
the X (formerly Twitter) platform – put forward a $1 price target
for Dogecoin. This price projection revolves around the multi-year
descending triangle formation on DOGE’s weekly price chart. The
descending triangle is a prominent technical analysis pattern that
indicates a bearish market trend. Although it is often a bearish
sign that suggests a downward trend breakout, it can also be a
significant reversal pattern. In this particular scenario, the
Dogecoin price has been in a continuous downward trend since May
2021. Prior to this sustained bearish run, the cryptocurrency had
enjoyed a parabolic climb, with the price of DOGE claiming the $0.7
level (an all-time high) in April 2021. Related Reading: Bitcoin
Path To $70,000? Analyst Shows What This ‘Head And Shoulders’
Pattern Reveals As already inferred, this positive run was
short-lived, with the meme coin dropping to a low of $0.058 in
October 2022. While the Dogecoin price has momentarily touched the
$0.1 mark a couple of times since then, it currently trades in a
range – and around the same $0.058 price. In the highlighted weekly
chart, DOGE’s price is approaching the apex of the descending
triangle pattern. Based on this formation, Martinez foresees a
significant bullish run for Dogecoin if a weekly candlestick closes
above $0.0835. According to the analyst, this fresh bull run could
see the meme coin’s value skyrocket to as high as $1, implying a
significant 1,580% rally from the current price point. Watch Out
For This Level, Analyst Says While the chances of a new bull run
seem strong for Dogecoin, the possibility of a fall still lurks.
Specifically, Ali Martinez touted $0.0482 as a price level to look
out for. Related Reading: Analyst Expects The Worst For Bitcoin:
Will Bears Force Prices To $17,000? This price zone, which is at
the base of the descending triangle, represents a significant
support zone. The analyst said any weakness around this area could
cause the DOGE price to reach a new yearly low. As of this writing,
Dogecoin is valued at $0.059329, reflecting a 1.7% price jump in
the past day. According to CoinGecko data, the meme token’s daily
trading volume stands at $163.3 million, representing a negligible
0.2% increase in the past day. Dogecoin still ranks amongst the 10
largest cryptocurrencies in the market, with a market cap of over
$8.3 billion. Dogecoin price moving sideways on the weekly
timeframe | Source: TOTAL chart on TradingView Featured image from
Pexels, chart from TradingView
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024