When Will Dogecoin's Parabolic Breakout Above $3.50 Happen?—One Crypto Analyst's Prediction
DOGE
$0.1
+5.60%
Dogecoin has received a lot of attention recently as its network activity has increased significantly throughout the past month. On the other hand, this adoption has not led to any significant growth in the asset's price, which has led to doubts about a delayed breakout for the meme currency.
According to the researcher, the first breakout rate occurred between 2017 and 2018, when there was a significant increase after 97 bars and 679 days had passed. By the time the rally ended, DOGE price had increased over 8,000% during this period.
Between 2020 and 2021 will be the next time a protest of this nature takes place. To continue with this line of thinking, there were 97 bars and 679 days that passed between the previous increase and the next. The next time around, DOGE would go on to produce an even more significant price increase, rising over 23,000% to reach its current all-time high of $0.70.
Now, the expert is pointing out that Dogecoin is once again very close to reaching the 97-bar and 679-day symbol, which could lead to a significant increase. In case this remains true, DOGE price could break out in April, which is the month this pattern will complete. As a result, DOGE price could increase beyond 3.5 USD.
Maybe DOGE price can go up to 10 USD.
This isn't the first time the crypto expert has raised the possibility of a parabolic surge in Dogecoin; in fact, this isn't even the first time. One of the things the analyst said in an analysis published last week is that the DOGE price is showing patterns comparable to those seen in 2020, before the infamous bull run.
He draws attention to a descending triangle that developed over the course of two years and then reappeared again. This identical falling triangle was also seen before the DOGE price rose from under $0.003 to over $0.70 in a short period of time.
According to this estimate, if Dogecoin has a spike comparable to Bitcoin, the price of the meme currency could increase by as much as $10. The cryptocurrency expert said the market is currently in a consolidation phase, which could pave the way for another major bull run. “Having broken out of the descending triangle, it is now in a consolidation phase,”
