{"id":555425,"date":"2023-10-14T20:00:17","date_gmt":"2023-10-14T20:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=555425"},"modified":"2024-06-11T11:19:23","modified_gmt":"2024-06-11T11:19:23","slug":"road-to-1-analyst-forecasts-1500-price-rally-for-dogecoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/road-to-1-analyst-forecasts-1500-price-rally-for-dogecoin\/","title":{"rendered":"Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin"},"content":{"rendered":"

Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has struggled alongside the general cryptocurrency market. However, the latest price action displays an exciting and positive outlook for the cryptocurrency.<\/span><\/p>\n

Renowned crypto analyst Ali Martinez recently shared a fresh insight on Dogecoin<\/a>, speculating on a forthcoming price rally for the meme token.<\/span><\/p>\n

The Dogecoin Descending Triangle Formation<\/span><\/h2>\n
Ali Martinez – via a post on the X (formerly Twitter) platform – put forward a $1 price target for Dogecoin. This price projection revolves around the multi-year descending triangle formation on DOGE\u2019s weekly price chart. <\/span><\/p>\n
The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. Although it is often a bearish sign that suggests a downward trend breakout, it can also be a significant reversal pattern.<\/span><\/p>\n
In this particular scenario, the Dogecoin price<\/a> has been in a continuous downward trend since May 2021. Prior to this sustained bearish run, the cryptocurrency had enjoyed a parabolic climb, with the price of DOGE claiming the $0.7 level (an all-time high) in April 2021.<\/span><\/p>\n
Related Reading: Bitcoin Path To $70,000? Analyst Shows What This \u2018Head And Shoulders\u2019 Pattern Reveals<\/a><\/div>\n
As already inferred, this positive run was short-lived, with the meme coin dropping to a low of $0.058 in October 2022. While the Dogecoin price has momentarily touched the $0.1 mark a couple of times since then, it currently trades in a range – and around the same $0.058 price.<\/span><\/p>\n
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#Dogecoin<\/a> is approaching the apex of this multi-year descending triangle formation. <\/p>\n
A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE<\/a> bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness\u2026 pic.twitter.com\/Emcwfyv6cE<\/a><\/p>\n
— Ali (@ali_charts) October 13, 2023<\/a><\/p><\/blockquote>\n