Analyst Predicts Dogecoin Could Reach $23 Based on Historical Pattern
An analyst identified a historical pattern in Dogecoin that may indicate a potential price increase to $23.
Dogecoin Could Be About To Go Parabolic According To This Pattern
Analyst Ali Martinez discussed Dogecoin's potential trajectory based on patterns observed during previous bull markets.
The chart below illustrates Dogecoin's recent price movement:
The graph indicates that Dogecoin has been trading within a Descending Triangle pattern but recently broke above it. This technical analysis pattern typically features a downward-sloping triangle, where the bottom line offers support and the top line presents resistance. A breakout from either line can signal a trend continuation.
This is not the first occurrence of Dogecoin consolidating in a Descending Triangle; previous similar patterns also resulted in upward breaks leading to significant bull runs. Martinez noted that prior surges followed this pattern, suggesting the current increase might be the onset of a similar trend.
Martinez referenced Fibonacci levels to estimate potential price targets. The initial bull run peaked around the 1.618 Fibonacci level, while a subsequent peak reached the 2.272 level. Based on these peaks, the next Dogecoin bull run could range between approximately $3.95 and $23.26. Achieving even the lower target would represent over 1,310% growth from current prices.
DOGE Price
Currently, Dogecoin trades at about $0.285, reflecting an 86% increase over the past week.
