On a low-volatility Sunday, the Dogecoin price jumped 1.13%, trading at $0.11. This bullish reversal can be attributed to DOGE’s significant breakout from a descending triangle pattern, signaling a major trend reversal. Will the renewed bullish momentum invalidate the mounting selling pressure from the ongoing geopolitical tensions between Israel and Iran?
Dogecoin Price Targets $0.20 If This Pattern Holds Analysts Forecast
According to the renowned analyst Ali Martinez, the Dogecoin price prediction has developed a well-known descending triangle pattern in weekly charts. Theoretically, this chart often drives a steady downtrend within a downsloping trendline and a flat support.
However, a recent breakdown from the pattern’s overhead trendline invalidates the bearish outlook and signals DOGE’s potential for renewed rally.
The cryptocurrency has shown a repetitive pattern reminiscent of past market behavior: a breakout from a multi-year descending triangle, followed by a notable 200% surge and a subsequent 60% retracement.
Following a significant 65% correction in Dogecoin price gave a decisive breakout from the triangle’s upper trendline. Maintaining this upward momentum could signal the beginning of a bullish trend for DOGE, with targets exceeding $0.20.
History often repeats itself, and #Dogecoin might be doing just that.
A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run.
After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
According to Intotheblock data, DOGE had recently reclaimed a substantial supply of 43.72 billion coins held across 124.48K addresses when the price breached $0.108. Now in profit, these coins can act as sustainable support and reduce the selling pressure from profitable traders.
For a detailed analysis, check out the article on Top Meme Coins.
DOGE Price Hints 10.5% Drop Before Next Leap
Amid recent market correction, the Dogecoin price shows a notable pullback from $0.132 to $0.1— a 21% loss. The ongoing geopolitical tensions between Israel and Iran have further intensified selling pressure,
With sustained selling, the DOGE price could plunge 10.5% to seek support from a new emerging support trendline at $0.1. Should this support hold, buyers may push the price above the $0.13 peak, signaling a potential trend reversal.
On the contrary, if selling plunged below the support trendline, the Dogecoin price correction to $0.08.
Frequently Asked Questions (FAQs)
Analysts predict that if the current descending triangle pattern holds, Dogecoin’s price could target $0.20
The ongoing geopolitical tensions between Israel and Iran have intensified selling pressure, contributing to a notable pullback in Dogecoin’s price from $0.132 to $0.1
The $0.10 level, supported by an ascending trendline and the lower band of the Bollinger Bands, creates a strong accumulation zone
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/if-pattern-dogecoin-price-0-20-analysts/
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