|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Dogecoin (DOGE) Gears Up for Big Price Rally as Familiar Bullish Pattern Reemerges: Will History Repeat?
Oct 07, 2024 at 03:00 pm
In an analysis posted on Sunday, Ali (@ali_charts) explained the potential for Dogecoin (DOGE) to replicate historical price movements.
Dogecoin (CRYPTO: DOGE) price might be setting up for another rally judging by an interesting observation made by a crypto trader.
What Happened: Ali noticed a pattern that seems to be playing out again with Dogecoin. The trader pointed out instances of Dogecoin breaking out from multi-year descending triangles, which led to large price surges.
After a 65% pullback, Dogecoin may be poised for another rally.
Ali’s observations show that after breakouts from descending triangles, Dogecoin tends to rally significantly, followed by a pullback. Three instances were highlighted in the analysis.
First Instance (2017): Breaking out from around $0.00035, DOGE surged by 229.56%.
Second Instance (2020): After another descending triangle, DOGE surged by 138.04%, breaking out from around $0.00318.
Third Instance (2021-2023): A 207.85% increase occurred, with prices rising from around $0.154 to over $0.60 before pulling back.
See More: Best Cryptocurrency Scanners For 2023
Another Angle: Adding to the bullish outlook for Dogecoin is a macro falling wedge pattern observed by Kevin.
He pointed out the bullish implications of this formation, noting that the price has broken out and is backtesting the upper boundary of the wedge.
If the price fails to hold above this level, it could indicate a bearish scenario. However, if the price rallies and breaks out from the upper boundary of the wedge convincingly, it could strengthen the bullish outlook, leading to higher price targets.
Concluding his analysis, Kevin highlighted the potential for a bull continuation pattern, which could lead to a rally towards the apex of the wedge, followed by a breakout and a move towards higher price targets.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- The Largest Season 1 EIGEN Claimant Withdraws 1M $EIGEN ($3.61M) From Binance and Stakes the Entirety of Their 3.011M $EIGEN Holdings on Eigenlayer
- Oct 07, 2024 at 06:30 pm
- In a significant move, the whale has now sent the entirety of their 3.011 million $EIGEN (valued at $10.7M) to Eigenlayer for staking
-
- Top 7 Gaming Cryptocurrencies to Invest in by Next Year
- Oct 07, 2024 at 06:30 pm
- The convergence of the two technologies (cryptocurrency and gaming) is evolving both these industries, creating an altogether new digital expanse where players can earn & trade virtual currencies whilst playing their favorite games.