With the help of these bullish fractals, Dogecoin may reach $20

Dogecoin fell to $0.267 on December 20 after experiencing several weeks of positive momentum. However, this meme currency seems to have stabilized above $0.3.

A well-known cryptocurrency expert on the social media site X believes this price level may just be a springboard for Dogecoin to reach new highs. This analyst believes this meme currency could reach $23.

According to cryptocurrency researcher Ali Martinez's post on X, Dogecoin might explode soon. Based on the reappearance of fractals in the DOGE weekly chart, this expert predicts it will hit a historic high of $23.

Fractals refer to patterns that repeatedly occur in price charts and may predict changes in Bitcoin's price. Since 2014, Dogecoin has been in a weekly descending triangle pattern, as shown in the chart below.

This bullish fractal has appeared several times, and Dogecoin's price has risen after breaking out of consolidation. Martinez notes that Dogecoin broke the fractal in 2017, reaching $0.01877 and setting a historic high.

In 2021, Dogecoin broke the descending triangle and rose to its historic peak of $0.7 during the previous bull market cycle. Until recently, this meme currency had broken through this historical fractal.

The weekly chart indicates that Dogecoin will face a bullish breakout in the coming year. Martinez predicts that in the coming months, this largest meme currency will rise by 7,500%, reaching $23.

DOGE rose 2.5% the previous day, slightly reaching around $0.32. Despite a strong single-day performance, this meme currency has not achieved weekly profits.

According to data from CoinGecko, Dogecoin is the largest meme currency and the seventh-largest cryptocurrency, with a market cap of $47.4 billion.

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