In a recent post on X, analyst Ali Martinez discussed the next direction for Dogecoin based on the pattern observed in previous bullish markets.
Dogecoin has been consolidating sideways for an extended period, but a breakout from the Descending Triangle pattern has occurred recently. This breakout is significant as it could lead to further bullish price action for the memecoin.
The breakout is also crucial because it marks the third time Dogecoin has broken out bullishly from a Descending Triangle on the monthly chart. Both of the previous breakouts led to a strong bullish run for the coin.
From the breakout, Fibonacci levels could be used to gauge potential peaks for the upcoming bullish wave. The first bullish wave peaked at around the Fibonacci 1.618 level, corresponding to the famous golden ratio. The second bullish wave saw the cryptocurrency make a larger leap and peaked at around 2.272, measured from the peak of the most recent rally (corresponding to 1.000).
Based on these peaks, the analysis anticipates the peak of the next Dogecoin rally to be around the Fibonacci 1.618 and 2.272 levels. Compared to the peak of the most recent rally, the lower cut-off corresponds to around $3.95, while the upper cut-off corresponds to around $23.26.
If Dogecoin can reach this first target, it will mark a price increase of over 1,310% from the current level.
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.
