Expert Predicts Incoming Parabolic Rally For Dogecoin; Is The Highly-Coveted $1 Possible In November? ⋆ ZyCrypto
The post Expert Predicts Incoming Parabolic Rally For Dogecoin; Is The Highly-Coveted $1 Possible In November? ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     The price of the most popular meme cryptocurrency, Dogecoin (DOGE), has outperformed most of its top-ranking crypto rivals in recent weeks, gaining over 45% from the beginning of October until now. This undoubtedly makes October the best month for DOGE since March. Amid this stellar performance, talk of the canine-themed crypto flying to the moon has reemerged. Could DOGE soon reach the $1 milestone? Dogecoin Rally Far From Over Dogecoin’s price may soon see exponential growth. At least that is the conclusion drawn by widely-followed crypto analyst and investor Ali Martinez’s latest outlook on the price of DOGE. Martinez’s analysis is based on a historical trend pattern on Dogecoin’s 1-month price chart. The chart he shared shows repeating setups and key breakout indicators. Dogecoin has seen the formation of a descending triangle pattern at three different times since January 2014. The so-called descending triangle comprises a downward-sloping trendline, representing lower highs, and a flat trendline, depicting a solid support level. Advertisement   During the previous times a descending pattern has appeared on Dogecoin’s chart, a meteoric rally has ensued following a strong exit from the technical formation. The second descending triangle started forming as Dogecoin fell from the $0.01877 high in January 2018. The downtrend lasted for 1,096 days. Similarly, DOGE soared 15,520% to hit its current all-time high of $0.7316 in May 2021 after breaking out of the pattern in January 2021. This suggests a possible repeat of Dogecoin’s price action as the crypto is currently completing 2,180 days of accumulation inside the triangle, which formed in 2021 after the 15.520% price jump. Once completed, this may act as a launchpad for the DOGE price to rocket higher. Crucial Level To Watch For Bullish Breakout If this pattern plays out the same way this time around,…
Filed under: News - @ October 31, 2024 1:27 pm