Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target

Dogecoin price fluctuations are as follows: I became weak After the weakness at the end of April. Here are the meme cryptocurrency predictions: not bullish Especially in the short term, given the fact that we’re seeing a 47% price correction from the high point of the current market cycle. Despite the recent selloff, one analyst believes that things are still good for Dogecoin and that the crypto asset is only poised for a bullish push into new price territory.

Dogecoin repeats behavior from previous bull market

Despite the ongoing crypto price correction, Dogecoin’s current price trend is setting the stage for a potential bull run, according to a recent analysis by popular crypto analyst Ali Martinez. . His analysis is based on an interesting pattern on the Dogecoin price chart.

Although these are highly volatile asset classes, patterns are an interesting way to predict the future movements of cryptocurrencies. Currently, Dogecoin appears to be repeating some of the same patterns that caused massive breakouts in 2017 and 2021.

in particular, Dogecoin erupts The last quarter of 2023 will see a descending triangle pattern, which is seemingly an emerging trend and the first step for cryptocurrencies. As Martinez pointed out, this breakout first happened to him in 2017. However, DOGE went into a 40% correction shortly after and then resumed a 982% bull run. Once again, 2021 saw a similar descending triangle breakout, with the cryptocurrency falling 56% before surging 12,197% to its current high of $0.7316.

Now, Recent DOGE fixes Breaking out of a descending triangle over the past month means the cryptocurrency could be gearing up for a similar rebound. According to the DOGE price chart shared by Martinez, the first step is to break out of the $0.224 resistance. A break above this level would allow for a return to the 2021 highs and a push towards our initial target of around $1.2.

Looking further ahead, Martinez’s chart shows an eventual price increase of over $6 in this bullish cycle. For this to happen, Dogecoin would need to regain momentum and rise over 4,700% from current levels in the coming months. While this price point seems like an overachievement, Dogecoin has seen spectacular gains in the past, soaring more than 12,000% at one point in 2021 alone.

Only a few months left until 2024 dogecoin Like the rest of the crypto market, it’s already been hot this year. As of this writing, DOGE is trading at $0.125, down 16.92% over the past 7 days. In the past 24 hours trading volume has increased by 50%, suggesting that investor interest is returning.

Dogecoin price chart on Tradingview.com

DOGE bulls reclaim control of price | Source: DOGEUSDT on Tradingview.com

Featured image from MarketWatch, chart from Tradingview.com

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