Dogecoin Weekly Chart Exhibits Bitcoin-Style Patterns That May Spark 4,000% Surge
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Crypto analyst DOGECAPITAL has pointed out a pattern similar to Bitcoin’s on the Dogecoin chart, indicating a potential parabolic surge. According to this analysis, such a rally may drive the DOGE price well above $10, establishing a new all-time high (ATH) for this leading meme coin.
Additional Insights
The Bitcoin Trend That Could Propel Dogecoin Above $10
In a recent update, DOGECAPITAL forecasted that Dogecoin could rise above $10. He referred to the weekly chart, drawing comparisons between the historical price movements of Bitcoin and DOGE, emphasizing the occurrences when BTC concluded a weekly candle at all-time highs (ATHs). In the initial cycle of 2017, DOGE experienced a remarkable surge, registering a 94x increase in the months following BTC’s weekly ATH.
In the subsequent cycle of 2020, Dogecoin experienced an even more intense rally with a 190x rise following Bitcoin’s weekly ATH confirmation. Currently, in the third cycle of this year, BTC is trading near its ATHs but must confirm a weekly close above to validate a potential DOGE breakout.
Historically, according to DOGECAPITAL, this context may allow Dogecoin to significantly outpace Bitcoin once again. The potential exists for DOGE to exceed its previous gains in past cycles. Accompanying charts suggest that the meme coin could ascend as high as $69 during this explosive upward movement.
The analyst emphasized the importance of monitoring the weekly closing price, citing that in the previous two instances where Bitcoin confirmed new highs, Dogecoin did not merely rise but “launched.” In the near term, crypto analyst Ali Martinez suggested that the leading meme coin might rise to $0.31. In a recent update, he mentioned that DOGE appears to be breaking free from a bullish pennant formation, indicating this target.
DOGE’s Uptrend Remains Robust
In a recent update, crypto analyst Trader Tardigrade expressed confidence in Dogecoin’s ongoing uptrend. Accompanying analysis showed that the meme coin still has ample potential to reach the sought-after $1 price point. Another projection suggested that DOGE is likely to break the recent peak of $0.25.
In the short term, crypto analyst Master Kenobi shared that his outlook for Dogecoin is progressing as expected. His research suggests a consolidation phase for the meme coin lasting about 17 days, after which he anticipates a breakout that would propel the price to $0.75 in June, setting a new ATH for DOGE, previously at $0.73.
Additional Insights
Currently, Dogecoin is trading at approximately $0.2286, experiencing a decline of over 6% in the last 24 hours, based on recent data.
Featured image from Unsplash, chart from TradingView
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