Dogecoin Analyst Expects A ‘Multi-Year Bullish Breakout’ – 200% Surge Potential
07 Oktober 2024 - 10:00PM
NEWSBTC
Dogecoin is trading critically, and investors are paying attention
as this could shape next week’s price action. After several weeks
of volatile market movements marked by sharp ups and downs, the
entire crypto market is at a turning point. Many believe this week
could set the stage for a massive rally. Related Reading: Solana
(SOL) Path To New Highs: Analyst Eyes $160 As Critical Breakpoint
Top analysts and investors are weighing in, with prominent crypto
analyst Ali sharing compelling data that projects a significant
surge for Dogecoin in this cycle. According to Ali, if DOGE can
break its resistance levels, it could spark a positive trend for
the meme coin. This information has impressed many in the
crypto space, as Dogecoin has been known for its explosive
movements in past cycles. With so much on the line, the next few
days could be pivotal for DOGE’s future. Dogecoin Testing Crucial
Resistance Dogecoin is testing a crucial resistance at $0.115, with
bulls waiting for a breakout that could trigger a new rally.
According to crypto analyst Ali, Dogecoin potentially repeats a
familiar historical pattern, as shared in his technical analysis on
X. Ali’s chart reveals that DOGE has consistently followed a
bullish cycle pattern: a breakout from a multi-year descending
triangle, a massive 200% surge, followed by a 60% retracement, and
then an eventual bull run. Dogecoin has recently experienced a
significant 65% pullback, which many believe could set the stage
for its next explosive rally. If this pattern holds, DOGE may be on
the brink of another major upward movement. Ali suggests that
history often repeats itself in crypto, and Dogecoin appears poised
to follow the same path. Related Reading: Can SUI Break Past $2
Resistance? On-Chain Metrics Reveal Growing Demand If Dogecoin
starts pumping, the price action could be fast and aggressive, as
has been the case in previous cycles. Investors are encouraged to
closely monitor DOGE in the coming days. A breakout above the
$0.115 resistance level could signal the beginning of the next
bullish phase. This potential rally could bring significant
opportunities for those tracking the market closely. Technical
Analysis: Key Levels Dogecoin is trading at $0.111 after a
modest attempt to test the daily 200 exponential moving average
(EMA) at $0.117. The price now faces a potential for a retracement
if it fails to reclaim this key indicator. If DOGE cannot break
above the 200 EMA, the price will drop to $0.10, signaling a deeper
correction. On the bullish side, if Dogecoin manages to push past
the $0.12 mark, it could spark a new rally. The next significant
supply level to test would be around $0.14, presenting a crucial
target for bulls looking to gain momentum. Related Reading: XRP
Price Bullish Potential Grows – A Surge Above $0.65 Will Trigger
Buyers As the market remains uncertain, the coming days will
determine whether Dogecoin will continue its upward trend or face
further downside pressure. Traders are monitoring these levels, as
price action near the 200 EMA will dictate the next major move for
DOGE. Featured image from Dall-E, chart from TradingView
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