Dogecoin (DOGE) outlook: historical pattern suggests explosive price surges

Dogecoin (DOGE) outlook: historical pattern suggests explosive price surges
фото показано с : invezz.com

2023-7-24 10:49

The original meme coin Dogecoin has maintained bearishness for about nine months. While invezz.com reported that leading themed cryptos struggled as new competitors dominated the market, analysts believe DOGE is ready for another breakout.

Dogecoin’s price movements showcase a descending triangle formation, which generally suggests bullishness for crypto. Twitter analyst @ali-charts revealed DOGE’s potential massive surge if historical setups repeat.

Dogecoin’s potential surges

The analyst stated that DOGE prices skyrocketed by 23,200% the last time it printed a descending triangle on the 30-day chart. Nevertheless, Ali pointed out that a monthly candlestick closing beyond $0.80 is essential to authorize the anticipated surges.

DOGE formed five lower highs on its 7-day chart from May 2021 to October 2022. Dogecoin saw immense buying momentum on 24 October 2022, triggering a breach of a long-term downward trend.

The action yielded a massive 163% uptick within two weeks to create the $0.1580 local high. Since then, DOGE has printed five lower highs. The cryptocurrency has recovered to switch the $0.0707 obstacle into support.

History repeat could see bulls pushing the digital asset towards $0.1060 resistance. Nonetheless, surpassing the closes hurdle of $0.0814 is crucial for such a move.

While the Dogecoin price largely depends on speculations, experts expect increased volatility for the POW-secured crypto in the near term.

Meanwhile, the DOGE community awaits integration with Twitter 2.0 and Musk’s X financial site for amplified real-world usage.

Bullish markets welcome new participants in the crypto market, leading to increased investments. Moreover, meme coins have proved integral in any crypto market cycle. With backing from prominent individuals like Elon Musk, DOGE price could explode should the altcoin overcome its prolonged downtrend. The Tesla executive’s updated X bio includes the Dogecoin symbol.

Source – Twitter screenshot

Dogecoin enthusiasts should consider broader market outlook for potential price movements in the upcoming sessions. Cryptocurrency prices remains down on Monday, with Bitcoin changing hands below the crucial $30K zone.

The post Dogecoin (DOGE) outlook: historical pattern suggests explosive price surges appeared first on Invezz.

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Dogecoin (DOGE) на Currencies.ru

$ 0.1487 (+0.67%)
Объем 24H $1.651b
Изменеия 24h: -2.05 %, 7d: 0.31 %
Cегодня L: $0.145 - H: $0.1495
Капитализация $21.451b Rank 9
Цена в час новости $ 0.0746599 (99.17%)

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