{"id":606182,"date":"2024-05-02T21:00:43","date_gmt":"2024-05-02T21:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=606182"},"modified":"2024-05-02T12:51:57","modified_gmt":"2024-05-02T12:51:57","slug":"dogecoin-descending-triangle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-descending-triangle\/","title":{"rendered":"Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target"},"content":{"rendered":"

The Dogecoin price action seems to <\/span>have turned bearish <\/span><\/a>after a bearish close to April. Projections for the meme cryptocurrency are <\/span>not bullish in<\/span><\/a> the short term, especially considering the fact that it is now experiencing a 47% price correction from its highest point in the current market cycle. Despite its recent plunge, one analyst believes all is still well with Dogecoin, and the crypto asset is only gearing up for a bull run into new price territories.\u00a0<\/span><\/p>\n

Dogecoin Repeating Behavior From Previous Bull Run<\/h2>\n

According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin’s current price action is setting up for a potential bull run, despite the cryptocurrency\u2019s ongoing price correction. His analysis is based on interesting patterns on the Dogecoin price chart.\u00a0<\/span><\/p>\n

Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin appears to be repeating some of the same patterns that led to its massive breakout in 2017 and 2021.<\/span><\/p>\n

Specifically, <\/span>Dogecoin broke out<\/span><\/a> of a descending triangle pattern in the last quarter of 2023, a seemingly occurring trend and a first step for the cryptocurrency. As Martinez noted, the first time this breakout happened was in 2017. However, DOGE went on a 40% correction shortly after before resuming a 982% bull run. Again, a similar breakout of a descending triangle in 2021 saw the crypto retracing by 56% before skyrocketing by 12,197% to reach its current all-time high of $0.7316.<\/span><\/p>\n

\n

Now, in 2024, #DOGE<\/a> has yet again broken out of a descending triangle!<\/p>\n

It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE<\/a> bull run! pic.twitter.com\/ZmuHmvIwei<\/a><\/p>\n

\u2014 Ali (@ali_charts) May 1, 2024<\/a><\/p><\/blockquote>\n

Now, the <\/span>recent DOGE correction<\/span><\/a> in the past month after breaking out of a descending triangle means the crypto could be gearing up for a similar bounce up. According to the DOGE price chart shared by Martinez, the first step is breaking above resistance at $0.224. If it can hurdle that level, it opens up a run back to the 2021 high and a push-up to a first target of around $1.2.\u00a0<\/span><\/p>\n

Looking further out, Martinez’s chart shows an ultimate price surge above $6 in this bull cycle. For this to happen, Dogecoin would need to regain momentum and rally over 4,700% from current levels over the coming months. While this price point looks overachieving, Dogecoin has pulled off epic rallies before, surging over 12,000% at one point in 2021 alone.<\/span><\/p>\n

It has only been a few months into 2024 <\/span>Dogecoin<\/span> has already been on a wild ride this year along with the rest of the crypto market. At the time of writing, DOGE is trading at $0.125 and is down by 16.92% in the past seven days. Trading volume is up by 50% in the past 24 hours, which suggests a return of investor interest.\u00a0<\/span><\/p>\n

\"Dogecoin<\/p>\n

DOGE bulls reclaim control of price | Source: DOGEUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from MarketWatch, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Dogecoin price action seems to have turned bearish after a bearish close to April. Projections for the meme cryptocurrency are not bullish in the short term, especially considering the fact that it is now experiencing a 47% price correction from its highest point in the current market cycle. Despite its recent plunge, one analyst believes all is still well with Dogecoin, and the crypto asset is only gearing up for a bull run into new price territories.\u00a0 Dogecoin Repeating Behavior From Previous Bull Run According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin’s current price action is setting up for a potential bull run, despite the cryptocurrency\u2019s ongoing price correction. His analysis is based on interesting patterns on the Dogecoin price chart.\u00a0 Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin appears to be repeating some of the same patterns that led to its massive breakout in 2017 and 2021. Specifically, Dogecoin broke out of a descending triangle pattern in the last quarter of 2023, a seemingly occurring trend and a first step for the cryptocurrency. As Martinez noted, the first time this breakout happened was in 2017. However, DOGE went on a 40% correction shortly after before resuming a 982% bull run. Again, a similar breakout of a descending triangle in 2021 saw the crypto retracing by 56% before skyrocketing by 12,197% to reach its current all-time high of $0.7316. Now, in 2024, #DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com\/ZmuHmvIwei \u2014 Ali (@ali_charts) May 1, 2024 Now, the recent DOGE correction in the past month after breaking out of a descending triangle means the crypto could be gearing up for a similar bounce up. According to the DOGE price chart shared by Martinez, the first step is breaking above resistance at $0.224. If it can hurdle that level, it opens up a run back to the 2021 high and a push-up to a first target of around $1.2.\u00a0 Looking further out, Martinez’s chart shows an ultimate price surge above $6 in this bull cycle. For this to happen, Dogecoin would need to regain momentum and rally over 4,700% from current levels over the coming months. While this price point looks overachieving, Dogecoin has pulled off epic rallies before, surging over 12,000% at one point in 2021 alone. It has only been a few months into 2024 Dogecoin has already been on a wild ride this year along with the rest of the crypto market. At the time of writing, DOGE is trading at $0.125 and is down by 16.92% in the past seven days. Trading volume is up by 50% in the past 24 hours, which suggests a return of investor interest.\u00a0 DOGE bulls reclaim control of price | Source: DOGEUSDT on Tradingview.com Featured image from MarketWatch, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[167,6664,26263,14690,1785,89174,85675,7,1803,1804,79599,79600],"class_list":["post-606182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\nDogecoin Breaks Out Of Descending Triangle Like It Did In 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target","url":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-descending-triangle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-descending-triangle\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Dogecoin.jpeg?resize=200%2C187","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Dogecoin.jpeg?fit=269%2C187"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","crypto","crypto analyst","crypto news","doge","doge news","doge price","dogecoin","dogecoin news","dogecoin price","dogeusd","dogeusdt"],"dateCreated":"2024-05-02T21:00:43Z","datePublished":"2024-05-02T21:00:43Z","dateModified":"2024-05-02T21:00:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-descending-triangle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-descending-triangle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Dogecoin.jpeg?resize=200%2C187\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Dogecoin.jpeg?fit=269%2C187\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"crypto\",\"crypto analyst\",\"crypto news\",\"doge\",\"doge news\",\"doge price\",\"dogecoin\",\"dogecoin news\",\"dogecoin price\",\"dogeusd\",\"dogeusdt\"],\"dateCreated\":\"2024-05-02T21:00:43Z\",\"datePublished\":\"2024-05-02T21:00:43Z\",\"dateModified\":\"2024-05-02T21:00:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Dogecoin.jpeg?fit=269%2C187","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606182"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606182"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606221"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}