Dogecoin Price May Reach $23 Following Bullish Fractal Patterns
The Dogecoin price has struggled to maintain bullish momentum, dropping to $0.267 on December 20 before stabilizing just above $0.3. A prominent crypto analyst suggests this level may act as a springboard for potential new highs, projecting the price could rise to $23.
Is DOGE Price Gearing For A 7,500% Rally?
Crypto analyst Ali Martinez indicated that Dogecoin might be set for a bullish breakout based on the return of fractal patterns in the DOGE weekly chart. He suggests the token could reach a new all-time high of $23.
Fractals are repeating patterns in price charts that can predict future movements. The Dogecoin price has exhibited a recurring descending triangle pattern since 2014.
This bullish fractal has historically led to positive price runs after breaking out of consolidation ranges. Martinez noted that DOGE broke out of a fractal in 2017, reaching an all-time high of $0.01877, and again in 2021, when it peaked at $0.7. Currently, the meme coin has broken out of this historical fractal once more.
Given the current weekly chart setup, DOGE appears poised for a bullish surge in the near future. Martinez estimates the price could travel as high as $23 over the next few months, indicating a potential 7,500% rally from current levels.
Dogecoin Price At A Glance
Currently, the price of DOGE is just above $0.32, showing a 2.5% increase in the past day. However, this gain has not been sufficient to push the meme coin into profit on the weekly timeframe.
Data from CoinGecko indicates that Dogecoin remains the largest meme coin and ranks seventh among all cryptocurrencies, with a market capitalization around $47.4 billion.
