- Dogecoin has broken out from a multi-year descending triangle on the weekly chart, which is a bullish signal.
- Crypto analyst Ali Martinez predicts that Doge could reach $1.6 in the next bull market, a 2,200% increase from its current price.
- Doge’s investor sentiment is greedy, which could create a positive feedback loop and drive up the price further.
- A break above the $0.069 level would confirm Doge’s breakout and signal a potential uptrend.
- Investors should keep an eye out for Dogecoin’s price action, as a breakout from a weekly trend formation is no small feat
Doge, the king of memecoins is now showing impressive signs of growth and may be ready to enter a bull run.
Popular analysts have thrown their weight behind the memecoin, and have predicted massive price gains for 2024 and beyond.
Here are some of these predictions:
Dogecoin Breaks Out From Multi-Year Triangle
One of the reasons why Doge is bullish is that it has broken out from a multi-year descending triangle on the weekly chart.
Check out the triangle below:
A descending triangle is originally a bearish pattern. However, when the price breaks above the upper trendline of the triangle, it signals a reversal and a potential uptrend.
Doge in the charts, has done exactly that.
The memecoin has broken above the triangle with last week’s candlestick and is now confirming the breakout with a buy signal from the TD Sequential indicator.
Doge has printed two green candlesticks so far, on the weekly chart. This indicates that the downtrend may now be over, and a new uptrend is starting.
Dogecoin Price Targets $1.6
This one might sound slightly crazy.
According to a recent tweet from crypto analyst Ali Martinez, Doge is on the verge of a massive breakout.
This breakout, according to Ali, could take the memecoin to $1.6 in the next bull market.
Below is a Twitter analyst’s chart showing a possible price trajectory for DOGE based on Fibonacci extensions.
According to Ali’s charts, Doge could reach several Fibonacci levels on its way to $1.6, such as $0.13, $0.4, and $1.2.
Ali says that these levels could act as resistance or support depending on whether the price breaks above or below them.
However, he believes that Dogecoin will ultimately reach $1.6 by 2024, which would represent a staggering 2,200% increase from its current price of $0.069.
Dogecoin Sentiment Turns Greedy
Here’s another reason why Doge may be on the verge of a coming bull run:
Dogecoin’s investor sentiment.
The Dogecoin Fear & Greed Index, which measures the emotions and sentiments of Doge holders, has been flashing greed for several weeks.
The index is currently at 66, which means that investors are very greedy and expect Dogecoin to rise further.
This could create a positive feedback loop, where more investors buy Dogecoin and drive up its price. In turn, this price increase will attract more investors and create more demand.
However, the index may also indicate that Doge is overbought and is due for a correction.
In all, investors should keep an eye out for Dogecoin’s price action, as a breakout from a weekly trend formation is no small feat.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.