Dogecoin To As High As $23? This Pattern Could Hint So
11 Novembre 2024 - 11:30PM
NEWSBTC
An analyst has pointed out a historical Dogecoin pattern that could
suggest DOGE might see a bull run to as high as $23 this time
around. Dogecoin Could Be About To Go Parabolic According To This
Pattern In a new post on X, analyst Ali Martinez has discussed
about where Dogecoin could be going next based on the pattern that
has been observed during previous bull markets. Related Reading:
Bitcoin Holder Profits Now 121%: How Much Higher Can BTC Go? Below
is the chart shared by the analyst, which shows how DOGE has
recently once again been showing a familiar trajectory in its
monthly price. From the graph, it’s visible that Dogecoin had been
trading inside a Descending Triangle pattern during the last few
years, but the coin appears to have found a break above it
recently. The Descending Triangle is a pattern in technical
analysis (TA) that, as its name suggests, looks like a triangle
slopped downwards. Generally, the bottom line of the triangle
provides support to the asset’s price, while the top one can be a
source of resistance. A break out of either of these lines can
signal a continuation of trend in that direction. Thus, escapes out
of the upper level, like the one that the memecoin has seen
recently, can lead to a bullish outcome. As Martinez has
highlighted in the chart, this isn’t the first time that Dogecoin
has seen a long-term phase of consolidation inside a Descending
Triangle. It would appear that the previous two such patterns also
saw the cryptocurrency achieve breaks to the upside. Both of these
breaks led to sharp bull runs for the coin, so it’s possible that
the latest surge in the price is the start of something similar. As
for how high DOGE might be able to go this time, the analyst has
referred to Fibonacci levels. These levels are based on different
ratios from the popular Fibonacci series. The first bull run topped
out around the 1.618 Fibonacci level, which corresponds to the
famous golden ratio that’s found in many natural formations.
Related Reading: Bitcoin Could Be Ready For ‘Phase 2’ Of This
Historical Bull Pattern The second one saw the cryptocurrency go
through a larger jump, with its top being situated around the 2.272
level as measured from the top of the last bull run (corresponding
to 1.000). Based on these tops, Martinez believes that the top of
the next Dogecoin bull run might lie somewhere between the two
levels. Relative to the last bull run top, the 1.618 lower cutoff
of the range translates to around $3.95, while the upper 2.272 one
to about $23.26. If Dogecoin can manage to touch even the first of
these targets, its price would have seen growth of over 1,310% from
where it’s today. DOGE Price At the time of writing, Dogecoin is
trading at around $0.285, up 86% over the last seven days. Featured
image from Dall-E, charts from TradingView.com
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