Top Analyst Predicts 1097% Dogecoin Surge to $1 Amid Imminent Breakout of Multi-Year Triangle

Having formed a multi-year descending triangle pattern, Dogecoin (DOGE) is at the apex of this drawdown and can potentially print a 1,097% run.

According to top market analyst Ali Martinez, a breakout might be awaiting the altcoin as a bottom is already forming after a long selloff period. In his analysis, Ali presented a two-case scenario in which the coin could soar by 1,097% or recede from its current levels.

Dogecoin Growth Pattern

Since at least April 2021, Dogecoin has been trapped in a descending triangle pattern to date. During this period, Dogecoin recorded several lower highs and lower resistance points.

In the chart accompanying the analyst’s latest insights, Dogecoin recorded a very sharp parabolic run from April 2021, which took its price to peak above $0.6. This rally was short-lived as DOGE began a momentary drop, bringing it to a low of $0.05802 around October 2022.

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Dogecoin Weekly Chart | Ali Martinez

Dogecoin welcomed another recovery from this point, with the price soaring to a lower high of $0.12 in the 4th quarter of 2022. The asset has been trapped in a range-bound motion since then, with its price at the bottom of the triangle formed over the past years. 

Considering its current level, the analyst believes that a weekly candlestick close above $0.0835 will confirm a breakout from this triangle pattern. 

Should DOGE record this breakout, a target of $1 is in view, implying a massive 1,097% run from the current level. Dogecoin now trades at $0.05846, up 0.81%, with its trading volume and market cap pegged at $135.97 million and $8.27 billion, respectively.

Potential Downside Slip

While the possibility for this bullish motion is imminent, the analyst also noted that the chances of a fall remain. He said to keep an eye on the $0.0482 support.

This price level marks a pivotal point that can stir a rundown to a new yearly low if any sign of selling weakness plays out in this region.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.