😱😱😱Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target
The analyst believes that everything is still fine with Dogecoin, and the crypto asset is only preparing for a bull run into new price zones.
#Dogecoin Repeats Behavior From Previous Bull Run
According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin's current price action is preparing for a potential bull run despite the cryptocurrency's ongoing price correction. His analysis is based on interesting patterns in the Dogecoin price chart.
Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin seems to be repeating some of the same patterns that led to a major breakout in 2017 and 2021.
Specifically, #DOGE emerged from the descending triangle pattern in the last quarter of 2023, which is apparently an emerging trend and the first step for the cryptocurrency. As Martinez noted, the first time this breakout happened was in 2017. However, DOGE went into a 40% correction before resuming a bull run of 982% soon after. Again, a similar breakout of a descending triangle in 2021 saw the crypto retreat by 56% before skyrocketing by 12,197% to reach an all-time high of $0.7316.
Now, the recent DOGE correction after exiting a descending triangle last month means that the crypto could be preparing for a similar bounce. According to the DOGE price chart shared by Martinez, the first step is to break above the resistance at $ 0.224. If it can block this level, it will run back to the high of 2021 and provide a push towards the initial target of about $ 1.2.
Looking further ahead, Martinez's chart shows an eventual price increase above $6 in this bull cycle. For this to happen, Dogecoin will need to gain momentum and recover over 4,700% from current levels in the coming months. Although this price point may seem too successful, Dogecoin has staged epic rallies before, rising over 12,000% at some point in 2021 alone.
