Reasons Dogecoin (DOGE) Could Reach $10 During the Bull Run
Dogecoin (DOGE) on the daily chart has formed an asymmetrical triangle, where buyers are working to keep the price above $0.090, but sellers are pushing it down despite their efforts.
The asymmetrical triangle formation hints at a possible breakout for DOGE. However, before any potential rally, the price of the cryptocurrency might drop. Currently, DOGE is priced at $0.084.
Analyzing DOGE Price Movement
Indicators from the Relative Strength Index (RSI) are hinting at a decline in bullish control over DOGE’s price. If the RSI reading falls below 50.00, there’s a possibility that DOGE could drop to $0.080. However, bullish investors are likely to attempt to push the price higher.
For instance, in case sellers manage to pull down the price, DOGE might decline to $0.0823, aligning with the 0.236 Fibonacci retracement level. If the price bounces back from this point, DOGE could initiate an upward trend towards $0.133, corresponding to the 4.236 Fibonacci retracement level.
Conversely, the bullish outlook may be invalidated if the price falls below $0.080. Such a scenario would indicate increasing bearish dominance amidst heightened selling pressure. In this case, DOGE could descend towards $0.071, potentially hindering any significant relief rally.
Analyst Predicts Massive Breakout for DOGE: Potential Surge to $10
According to analyst Ali Martinez, a recent post on X suggests that Dogecoin (DOGE) may experience a significant breakout beyond the anticipated rise to $0.133. Martinez pointed out a pattern on the weekly chart reminiscent of one observed in 2020.
During that period, Dogecoin’s price surged by a staggering 28,770%. Martinez’s analysis indicates that a potential breakout from the descending triangle pattern could catalyze another bull run for DOGE. Based on the chart shared by Martinez, he suggests that DOGE could potentially approach the $10 mark at some point.
