Dogecoin Price Poised For Epic Surge To $1.5: Crypto Analyst
26 Outubro 2023 - 4:25AM
NEWSBTC
In a recent analysis shared by renowned crypto analyst, Jaydee,
Dogecoin (DOGE) appears to be setting the stage for a potentially
significant price rally. The chart showcases a series of technical
indicators and patterns that hint towards a bullish trajectory for
the meme coin, with a projected price target above $1.5. In a tweet
accompanying the chart, Jaydee remarked: “Dogecoin – meme
(shitcoin) with a beautiful chart structure! Will DOGE have that
confirmed breakout?! Last time it broke out from a multi-year
triangle, it 380x in price! Similar structure compared to the
2020-2021 breakout!” Dogecoin Price Prints Historic Buy Signal The
chart provided by Jaydee displays the DOGE/USD trading pair with a
bi-weekly time frame. Dogecoin’s price history, as highlighted in
the chart, reveals two significant breakout points. The first
breakout took place in 2017, where the price surged from below
$0.003 in March 2017 to a peak of $0.0193 in January 2018. The
second notable breakout occurred around the end of 2020 till April
2021, skyrocketing the DOGE price from about $0.035 to an all-time
high close to $0.76. Related Reading: Dogecoin Aggressive 12% Leap:
Fear/Greed Index Uncovers Bullish Sentiment Secrets Over the past
few two years, from April 2021 till recently, Dogecoin’s price has
been forming a symmetrical triangle pattern again. This is a
classic continuation pattern, and given DOGE’s past bullish
momentum, a breakout from this triangle to the upside seems
plausible. Remarkably, DOGE’s 380x price rise was also preceded by
a multi-year triangular formation. At the end of 2020, DOGE broke
out of the formation, but first experienced a successful retest of
the trendline and a short sideways phase of around three months
before the massive rally. Jaydee’s analysis indicates that the DOGE
price has begun its breakout from this symmetrical triangle with
this week’s candle, hinting at a continuation of its previous
bullish trend. If history repeats itself, DOGE could first
experience another minor pullback, followed by a short sideways
phase, before the ascent towards the current all-time high begins.
Related Reading: Dogecoin Price Prediction – DOGE Could Soon Pump
20% Like Bitcoin By extrapolating from past performance and the
present chart structure, Jaydee’s analysis proposes that a
confirmed breakout could see DOGE aiming for the $1.5 price range
sometime in 2024, as detailed with the blue arrow in the chart. The
chart humorously remarks that “BEGINNERS will be buying up here..
SMH! LOL!”, suggesting that novice traders might be lured into
buying at the peak. While it’s a lighthearted note, it’s also a
cautionary tale for traders to conduct their due diligence and not
follow the herd mentality. While the 2-week chart in Jaydee’s
analysis has already posted a bullish breakout signal, the 1-day
chart still looks somewhat different. The price is still below the
trendline (black), at which Dogecoin has been rejected several
times since December last year. However, DOGE has crossed the 0.236
Fibonacci retracement level at $0.0692 and is now approaching the
trendline again. Featured image from Shutterstock, chart from
TradingView.com
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