On a low-volatility Sunday, the Dogecoin price jumped 1.13%, trading at $0.11. This bullish reversal can be attributed to DOGE’s significant breakout from a descending triangle pattern, signaling a major trend reversal. Will the renewed bullish momentum invalidate the mounting selling pressure from the ongoing geopolitical tensions between Israel and Iran?

Dogecoin Price Targets $0.20 If This Pattern Holds Analysts Forecast

According to the renowned analyst Ali Martinez, the Dogecoin price prediction has developed a well-known descending triangle pattern in weekly charts. Theoretically, this chart often drives a steady downtrend within a downsloping trendline and a flat support. 

However, a recent breakdown from the pattern’s overhead trendline invalidates the bearish outlook and signals DOGE’s potential for renewed rally.

The cryptocurrency has shown a repetitive pattern reminiscent of past market behavior: a breakout from a multi-year descending triangle, followed by a notable 200% surge and a subsequent 60% retracement.

Following a significant 65% correction in Dogecoin price gave a decisive breakout from the triangle’s upper trendline. Maintaining this upward momentum could signal the beginning of a bullish trend for DOGE, with targets exceeding $0.20.

History often repeats itself, and #Dogecoin might be doing just that.

A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run.

After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V

— Ali (@ali_charts) October 6, 2024

According to Intotheblock data, DOGE had recently reclaimed a substantial supply of 43.72 billion coins held across 124.48K addresses when the price breached $0.108. Now in profit, these coins can act as sustainable support and reduce the selling pressure from profitable traders.

In/Out of the Money | Intotheblock

For a detailed analysis, check out the article on Top Meme Coins.

DOGE Price Hints 10.5% Drop  Before Next Leap

Amid recent market correction, the Dogecoin price shows a notable pullback from $0.132 to $0.1— a 21% loss. The ongoing geopolitical tensions between Israel and Iran have further intensified selling pressure,

With sustained selling, the DOGE price could plunge 10.5% to seek support from a new emerging support trendline at $0.1. Should this support hold, buyers may push the price above the $0.13 peak, signaling a potential trend reversal.

On the contrary, if selling plunged below the support trendline, the Dogecoin price correction to $0.08.

The post If This Pattern Holds Dogecoin Price Could Target $0.20; Analysts Predict appeared first on CoinGape.

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Filed under: News - @ October 6, 2024 8:27 pm