Dogecoin (DOGE) is showing significant signs of growth, with a recent rise of 1.13% pushing its trading price to around $0.11. Meanwhile, market analyst Ali Martinez said DOGE is breaking out of a long-term descending triangle pattern, which could spark an eye-catching rally. If history repeats itself, Dogecoin could be on the verge of a 200% gain.
Is the next big rise in Dogecoin coming?
In a recent tweet, Martinez noted that Dogecoin may be following a familiar historical pattern that could signal an upcoming surge. Martinez highlighted a series of events that happened before and could happen again.
The key to this pattern is a breakout of a multi-year descending triangle pattern. Historically, such breakouts have tended to trigger massive price increases, often reaching 200%. After hitting these highs, Dogecoin typically undergoes a significant correction, losing around 60% of its value before setting up for the next bull run.
Currently, Dogecoin appears to be in a similar phase of this cycle. After experiencing a significant price surge, the cryptocurrency recently suffered a massive 65% correction. The pullback sparked speculation that DOGE might be on the verge of another breakout.
Support levels to watch
The latest data from Intotheblock shows that after Dogecoin surpassed $0.108, about 124,480 addresses have re-accumulated a total supply of 43.72 billion coins. This recovery may provide a stable support base, helping to reduce selling pressure from traders who are currently in profit.
However, the recent market correction has seen Dogecoin prices fall 21% from $0.132 to $0.10. Geopolitical tensions, especially the conflict between Israel and Iran, have further exacerbated selling pressure.
Analysts warn that if this trend continues, DOGE could fall another 10.5% to hit a new support level of around $0.1. If this support holds, it could provide buyers with an opportunity to push the price back above the previous high of $0.13.
Dogecoin (DOGE) is showing significant signs of growth, with a recent rise of 1.13% pushing its trading price to around $0.11. Meanwhile, market analyst Ali Martinez said DOGE is breaking out of a long-term descending triangle pattern, which could spark an eye-catching rally. If history repeats itself, Dogecoin could be on the verge of a 200% gain.
Is the next big rise in Dogecoin coming?
In a recent tweet, Martinez noted that Dogecoin may be following a familiar historical pattern that could signal an upcoming surge. Martinez highlighted a series of events that happened before and could happen again.
The key to this pattern is a breakout of a multi-year descending triangle pattern. Historically, such breakouts have tended to trigger massive price increases, often reaching 200%. After hitting these highs, Dogecoin typically undergoes a significant correction, losing around 60% of its value before setting up for the next bull run.
Currently, Dogecoin appears to be in a similar phase of this cycle. After experiencing a significant price surge, the cryptocurrency recently suffered a massive 65% correction. The pullback sparked speculation that DOGE might be on the verge of another breakout.
Support levels to watch
The latest data from Intotheblock shows that after Dogecoin surpassed $0.108, about 124,480 addresses have re-accumulated a total supply of 43.72 billion coins. This recovery may provide a stable support base, helping to reduce selling pressure from traders who are currently in profit.
However, the recent market correction has seen Dogecoin prices fall 21% from $0.132 to $0.10. Geopolitical tensions, especially the conflict between Israel and Iran, have further exacerbated selling pressure.
Analysts warn that if this trend continues, DOGE could fall another 10.5% to hit a new support level of around $0.1. If this support holds, it could provide buyers with an opportunity to push the price back above the previous high of $0.13.
