Dogecoin is recovering after hitting a low of $0.1
Several analysts, including Ali Martinez, Mags, and Kaleo, predict an upcoming price increase for Dogecoin.
Ali Martinez points out that the memecoin often follows a specific pattern of consolidation, rally, and retracement before a bull run.
Mags believes it is nearing the end of its accumulation phase and should be headed for $1 soon.
Some analysts, like Kaleo, believe Dogecoin could beat Bitcoin's performance in the near future.
Dogecoin has been on a roll lately, rebounding off the $0.1 support and aiming for a break above $0.15.
Despite the barriers holding it back from $0.15, the cryptocurrency has found relative stability between the $0.12 and $0.13 price levels.
Because of this, analysts like Ali, Mags and Kaleo, among others, remain optimistic about the cryptocurrency's potential.
Let’s go over what these analysts think.
Ali Martinez, one of the most well-known analysts on Twitter, recently stated that he believes DOGE is on a bullish path.
In a recent tweet, he highlighted that Dogecoin typically follows a pattern every single time.
In particular, the memecoin consolidates in a descending triangle pattern before exploding upwards by double digits.
Martinez also drew similarities between Dogecoin's current behaviour and the market conditions of 2016 and 2021.
“Dogecoin is playing the same pattern we’ve seen before." Ali mentioned, "It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run.”
Martinez mentioned that he has been consolidating his position: "I haven't sold one single DOGE. I've just been buying."
Another popular analyst, Mags, believes that Dogecoin is headed for a similar price increase.
In a recent tweet, the analyst indicated that Dogecoin’s accumulation phase might be ending. This means that the memecoin is gearing up for what he calls a “parabola” stage, which, according to Mags, could push it above $1.
Kaleo, another analyst, emphasized Doegcoin's tendency to move sideways for a long period and frustrate investors.
However, soon after this, the memecoin ends up with a quick, vertical rally that the analyst calls the “secret” of DOGE.
KALEO even stated that he believes Dogecoin can outperform Bitcoin in the near future.
Overall, the future of Dogecoin remains promising, with a rebound off the descending wedge shown below in the works:
Overall, as DOGE continues to make headlines with several analyst predictions, investors continue to watch the cryptocurrency closely, eager to see whether we might see this $1 mark as the market matures.
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