Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin

Opeyemi Sule

1 year ago

3 mins read

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Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has struggled alongside the general cryptocurrency market. However, the latest price action displays an exciting and positive outlook for the cryptocurrency.

Renowned crypto analyst Ali Martinez recently shared a fresh insight on Dogecoin, speculating on a forthcoming price rally for the meme token.

The Dogecoin Descending Triangle Formation

Ali Martinez – via a post on the X (formerly Twitter) platform – put forward a $1 price target for Dogecoin. This price projection revolves around the multi-year descending triangle formation on DOGE’s weekly price chart.

The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. Although it is often a bearish sign that suggests a downward trend breakout, it can also be a significant reversal pattern.

In this particular scenario, the Dogecoin price has been in a continuous downward trend since May 2021. Prior to this sustained bearish run, the cryptocurrency had enjoyed a parabolic climb, with the price of DOGE claiming the $0.7 level (an all-time high) in April 2021.

As already inferred, this positive run was short-lived, with the meme coin dropping to a low of $0.058 in October 2022. While the Dogecoin price has momentarily touched the $0.1 mark a couple of times since then, it currently trades in a range – and around the same $0.058 price.

#Dogecoin is approaching the apex of this multi-year descending triangle formation.

A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness… pic.twitter.com/Emcwfyv6cE

— Ali (@ali_charts) October 13, 2023

In the highlighted weekly chart, DOGE’s price is approaching the apex of the descending triangle pattern. Based on this formation, Martinez foresees a significant bullish run for Dogecoin if a weekly candlestick closes above $0.0835.

According to the analyst, this fresh bull run could see the meme coin’s value skyrocket to as high as $1, implying a significant 1,580% rally from the current price point.

Watch Out For This Level, Analyst Says

While the chances of a new bull run seem strong for Dogecoin, the possibility of a fall still lurks. Specifically, Ali Martinez touted $0.0482 as a price level to look out for.

This price zone, which is at the base of the descending triangle, represents a significant support zone. The analyst said any weakness around this area could cause the DOGE price to reach a new yearly low.

As of this writing, Dogecoin is valued at $0.059329, reflecting a 1.7% price jump in the past day. According to CoinGecko data, the meme token’s daily trading volume stands at $163.3 million, representing a negligible 0.2% increase in the past day.

Dogecoin still ranks amongst the 10 largest cryptocurrencies in the market, with a market cap of over $8.3 billion.

Dogecoin price moving sideways on the weekly timeframe | Source: TOTAL chart on TradingView

Featured image from Pexels, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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