Dogecoin Could Hit $20 With These Bullish Fractals
Dogecoin fell to $0.267 on December 20 after a few 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 could only serve as a springboard for Dogecoin’s price to reach new highs. The analyst believes that the meme coin could reach $23.
According to X’s article by crypto researcher Ali Martinez, Dogecoin could soon break out of its consolidation. Based on the reappearance of fractals in DOGE’s weekly chart, the commentator predicts a new all-time high of $23.
Fractals refer to repeating patterns in price charts that potentially predict changes in bitcoin’s price. Dogecoin has been in a weekly descending triangle pattern since 2014, as illustrated in the chart below.
This bullish fractal has occurred multiple times, with Dogecoin’s price rising after breaking out of consolidation. Martinez noted that DOGE broke out of the fractal in 2017 at $0.01877, an all-time high.
In 2021, Dogecoin broke out of the descending triangle and climbed to $0.7, its all-time high, during the previous bull cycle. It was only recently that the meme coin broke out of this all-time fractal.
The weekly chart suggests a bullish explosion for DOGE in the coming year. Martinez predicts a 7,500% surge for the largest meme coin to $23 in the coming months.
DOGE rose 2.5% over the past day to slightly around $0.32. Despite this strong single-day performance, the meme currency has not made a profit over a week.
Dogecoin, the largest meme currency and the seventh-largest cryptocurrency, has a market capitalization of $47.4 billion, according to CoinGecko.
