Dogecoin dropped to $0.267 on December 20 after several weeks of positive momentum. However, the meme coin appears to have stabilized above $0.3.
A popular crypto expert on social media site X believes that this price level may just serve as a launching pad for Dogecoin’s price to new highs. The analyst believes that the meme coin could reach $23.
According to an article by crypto researcher Ali Martinez on X, Dogecoin could explode soon. Based on the reappearance of fractures on Dogecoin’s weekly chart, the analyst is predicting a new all-time high of $23.
Fractals indicate recurring patterns in price charts that may predict Bitcoin price movements. Dogecoin has been in a weekly descending triangle pattern since 2014, as shown in the charts below.
This bullish breakout has happened several times, with Dogecoin’s price rising after breaking out of the consolidation. Martinez noted that Doge broke out of the breakout in 2017 at $0.01877, a record high.
In 2021, Dogecoin broke out of a descending triangle and surged to $0.7, its all-time high, during the previous bullish cycle. Only recently did the meme coin break out of this historic breakout.
The weekly charts are pointing to a bullish explosion for Dogecoin in the coming year. Martinez predicts a 7,500% surge for the largest meme coin to $23 in the coming months.
Dogecoin rose 2.5% the previous day to around $0.32. Despite this strong one-day performance, the meme coin did not make a profit throughout the week.
Dogecoin, the largest meme coin and the seventh most valuable in the crypto market, has a market cap of $47.4 billion, according to CoinGecko.
$DOGE