Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin

Lately, the value of Dogecoin (DOGE), the most important meme coin by market cap, has struggled alongside the overall cryptocurrency market. Nevertheless, the newest worth motion shows an thrilling and constructive outlook for the cryptocurrency.

Famend crypto analyst Ali Martinez just lately shared a contemporary perception on Dogecoin, speculating on a forthcoming worth rally for the meme token.

The Dogecoin Descending Triangle Formation

Ali Martinez – through a publish on the X (previously Twitter) platform – put ahead a $1 worth goal for Dogecoin. This worth projection revolves across the multi-year descending triangle formation on DOGE’s weekly worth chart.

The descending triangle is a outstanding technical evaluation sample that signifies a bearish market development. Though it’s typically a bearish signal that implies a downward development breakout, it may also be a major reversal sample.

On this explicit situation, the Dogecoin worth has been in a steady downward development since Might 2021. Previous to this sustained bearish run, the cryptocurrency had loved a parabolic climb, with the value of DOGE claiming the $0.7 stage (an all-time excessive) in April 2021.

As already inferred, this constructive run was short-lived, with the meme coin dropping to a low of $0.058 in October 2022. Whereas the Dogecoin worth has momentarily touched the $0.1 mark a few occasions since then, it at present trades in a spread – and across the similar $0.058 worth.

#Dogecoin is approaching the apex of this multi-year descending triangle formation.

A weekly candlestick shut above $0.0835 may set off the start of a brand new $DOGE bull run, doubtlessly towards $1. But, we should be careful for the $0.0482 assist, as any signal of weak spot… pic.twitter.com/Emcwfyv6cE

— Ali (@ali_charts) October 13, 2023

Within the highlighted weekly chart, DOGE’s worth is approaching the apex of the descending triangle sample. Based mostly on this formation, Martinez foresees a major bullish run for Dogecoin if a weekly candlestick closes above $0.0835.

In response to the analyst, this contemporary bull run may see the meme coin’s worth skyrocket to as excessive as $1, implying a major 1,580% rally from the present worth level.

Watch Out For This Stage, Analyst Says

Whereas the possibilities of a brand new bull run appear sturdy for Dogecoin, the potential of a fall nonetheless lurks. Particularly, Ali Martinez touted $0.0482 as a worth stage to look out for.

This worth zone, which is on the base of the descending triangle, represents a major assist zone. The analyst mentioned any weak spot round this space may trigger the DOGE worth to succeed in a brand new yearly low.

As of this writing, Dogecoin is valued at $0.059329, reflecting a 1.7% worth bounce prior to now day. In response to CoinGecko information, the meme token’s day by day buying and selling quantity stands at $163.3 million, representing a negligible 0.2% improve prior to now day.

Dogecoin nonetheless ranks amongst the ten largest cryptocurrencies available in the market, with a market cap of over $8.3 billion.

Dogecoin worth transferring sideways on the weekly timeframe | Supply: TOTAL chart on TradingView

Featured picture from Pexels, chart from TradingView