According to Jaydee, a well-known #cryptocurrency expert, #Dogecoin (DOGE) may soon experience a substantial price increase. The price of the meme currency is anticipated to rise above $1.50, as shown by a number of technical indicators and patterns on the accompanying chart.
Jaydee tweeted, "Dogecoin - meme (shitcoin) with a beautiful chart structure!" in reference to the graph. When will DOGE ever have that verified breakout?! Price increased by a factor of 380 after its previous breakout from a multi-year triangle. Like the structure of the next breakout in 2020/21!
Jaydee has given a chart with a biweekly time period that shows the cryptocurrency trading pair DOGE/USD. The charted price history of Dogecoin features two major price breaks.
From March of 2017 (when it was around $0.003) to January of 2018 (when it peaked at $0.0193), 2017 was the year of the first breakout. The second major breakout was between December 2020 and April 2021, when the price of DOGE exploded from roughly $0.035 to a record high of over $0.76.
Dogecoin's price has been forming a symmetrical triangular pattern for the past two years, from April 2021 till now. Due to DOGE's previous upward momentum, a breakout from this triangle to the upside is likely.
Amazingly, a multi-year triangle pattern foreshadowed DOGE's 380x price increase as well. When DOGE finally broke out of the pattern at the end of 2020, it did so after a successful retest of the trendline and a brief sideways period of around three months.
According to Jaydee's research, the DOGE price has started breaking out of this symmetrical triangle with this week's candle, suggesting that the previous bullish trend will continue. If the past is any indication, DOGE may first undergo another slight correction, followed by a brief sideways phase, before beginning its rise towards the current all-time high.
According to Jaydee's research, which extrapolates previous performance and the current chart structure, a verified breakthrough might lead to DOGE aiming for the $1.5 price range somewhere in 2024.
The chart jokingly comments, "BEGINNERS will be buying up here.. SMH! LOL!", implying that inexperienced traders may be enticed into purchasing at the high. also's meant to be humorous, but also serves as a warning to traders to do their own research and not go along with the crowd.
A bullish breakout signal has been provided on the 2-week chart in Jaydee's analysis, however the 1-day chart shows a somewhat different picture. Dogecoin's price has been repeatedly rejected at the trendline (black) since December of last year and is currently trading below it. DOGE, however, has broken over the 0.236 Fibonacci retracement level at $0.0692 and is once again closing in on the trendline.