Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5, Here’s When
February 26 2024 - 3:00PM
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Dogecoin has been in the spotlight lately after a notable uptick in
the usage of its network over the last month. However, this
adoption has not translated to any notable increase in the asset’s
price, prompting speculations of a delayed breakout for the meme
coin. Crypto Analyst Says Dogecoin Could Breakout Soon Even as
Dogecoin continues to put on a lackluster performance, it has not
shaken the bullishness of investors. One of the analysts who
believe that the DOGE price is destined for great things is crypto
analyst Ali Martinez, popularly known as Ali_Charts on X (formerly
Twitter). Related Reading: Crypto Platform Which Predicted Bitcoin
To Reach $50,000 Has Released A New Target According to an analysis
shared by Ali on X, the meme coin may be looking to stage a repeat
of the parabolic breakouts seen over the years. The crypto analyst
points out that Dogecoin is mirroring past performance, and the
patterns are beginning to line up to the months leading to the
previous breakouts. The first instance of this breakout happened
between 2017 and 2018 when there was an enormous rally after 97
bars and 679 days, as outlined by the analyst. During this time,
the price of DOGE would rise by more than 8,000% before the rally
was over. The next time a similar rally would occur was between
2020 and 2021. In the same vein, there were 97 bars and 679 days
between the previous rally and the next one. This time around, DOGE
would go on to stage an even larger rally, rising more than 23,000%
to reach its current all-time high of $0.7. Now, the analyst points
out that Dogecoin has almost reached the infamous 97 bars and 679
days once more, which could end in a massive rally. If this holds,
then the DOGE price could break out in April when this pattern
would complete, and the DOGE price could rise over the $3.5 level
as a result. DOGE Price Could Rally As High As $10 This is not the
first that the crypto analyst is pointing out the possibility of a
Dogecoin parabolic rally. In an analysis that was posted last week,
the analyst also pointed out that the DOGE price was following
patterns similar to what was seen back in 2020 before the infamous
rally. Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price
Performance As Unnatural, Rally Imminent? He points out a
descending triangle that forms over two years, appearing once more.
This same descending triangle was also seen before the DOGE price
had risen from less than $0.003 to over $0.7 in a matter of months.
In this analysis, Ali points out that if Dogecoin were to go on a
similar rally, then the price of the meme coin could rise as high
as $10. “Having broken out of a descending triangle, it’s now in a
consolidation phase, potentially setting the stage for another
significant bull run,” the crypto analyst said. DOGE price at
$0.084 | Source: DOGEUSD on Tradingview.com Featured image from
U.Today, chart from Tradingview.com
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