Dogecoin (DOGE) Starts ‘Big Move,’ Expert Predicts Rally to $5

Dogecoin's price action lately has been interesting as bullish patterns dominate its recent movements.

Dogecoin (DOGE) price analysis reveals a bullish outlook with the meme coin preparing for another leg up. According to a recent analysis, DOGE is ‘starting its big move,’ with potential to rally over 1,100% and reach $5. Here’s a closer look at the technical setup.

Dogecoin Patterns Signal Bullish Momentum

A tweet by @CryptoELlTES showcases a chart highlighting ascending triangle patterns in Dogecoin’s price action. These patterns are typically associated with bullish continuation. The chart shows three distinct triangles.

Each triangle begins with a period of consolidation, followed by a sharp upward breakout. Currently, Dogecoin is said to be in the third breakout. The first two breakouts have already played out.

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These ascending triangles are suggestive of bullish momentum, indicating the possibility of further price increases. However, it’s worth noting that technical analysis is not an exact science and trends can shift.

Breakout Points Show Strong Buying Interest

The chart also marks breakout points within each triangle, where Dogecoin's price managed to break past resistance levels. According to the analysis, these breakouts are indicative of strong buying interest.

Volume spikes at breakout points are a crucial observation, as they demonstrate sustained buying pressure. However, if trends change, declining volume or a failure to break key resistances could impact the trajectory.

Dogecoin Price Analysis: Path to $5

At the time of writing, Dogecoin is trading at $0.405124, up 4.83% in a day and around 20% in a week. The analysis points to $5 as a long-term target, which would mean a staggering rally of over 1,100%.

The analysis also identifies potential intermediate resistance levels at $1 and $2. Achieving $5 would require strong buying interest and sustained bullish sentiment.

Overall, the chart setup appears bullish for Dogecoin, with a promising roadmap toward higher prices.