- Dogecoin displays a rare on-chain descending triangle pattern on its monthly chart, suggesting a potential colossal surge of up to 20,000%.
- Despite recent turbulence, Dogecoin’s fundamentals and historical performance could set the stage for an upcoming bullish charge.
In the ever-dynamic cryptocurrency world, Dogecoin (DOGE) seems to be setting the stage for a significant price jump. Crypto market analysts have identified a unique pattern, a descending triangle, on DOGE’s monthly chart. Such a setup signals a potential surge of up to 20,000%. The last time this pattern was observed, Dogecoin recorded a massive surge of over 23,200%.
Descending Triangle’s Grand Reveal
A descending triangle is a significant bearish-to-bullish trend reversal pattern. This geometric price pattern appears to be rare in DOGE’s historical on-chain data. Yet, the recent formation implies an upcoming explosive surge in the value of this altcoin. On-chain market analyst @Ali_Charts has intimated that he would look for a monthly close above $0.08 to confirm the bullish indicator.
Dogecoin is currently trading around $0.07131, exhibiting a slight decrease of 0.38% over the past 24 hours. However, even amidst high volatility, DOGE’s resilience is palpable. The coin’s performance, along with @Ali_Charts’ prediction, suggests that Dogecoin’s value could witness an enormous increase should the bullish confirmation be recorded.
Dogecoin’s Dual Advantage: Volatility and Stability
Compared to newer entrants in the meme coin world, such as PEPE Coin (PEPE), Dogecoin has shown somewhat restrained growth. However, it has continued to attract investors seeking a balance between volatility and stability. Its legacy as the pioneer meme coin, coupled with the interest of influential figures like Elon Musk, give Dogecoin a unique market position. Its fundamentals align seamlessly with the technical indicators that a major price run is in the offing.
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Despite the current downtrend since May 2021, the underlying action points towards another possible breakout. Historical data suggests a potential for significant returns, especially considering the massive 163% gain Dogecoin recorded in a fortnight in October 2022. After the recent recovery above the $0.0707 hurdle, Dogecoin’s price could be on the brink of an impressive rally, potentially reaching key targets at $0.1060 or even up to $0.1710.
Crypto Cycles and Meme Coins
Dogecoin, launched in 2013, gained mainstream attention during the 2017 bull rally when its value soared from $0.000219 to a peak of $0.0175. The meme coin has since become a vital part of the crypto market cycles, with subsequent rallies including other meme coins like Shiba Inu (SHIB). Dogecoin’s affiliation with Twitter and Elon Musk’s endorsement have fueled its popularity, making it a likely candidate for substantial gains should it overcome its current downtrend.
Finally, the presence of Dogecoin in Tesla’s payment page source code, despite the removal of Bitcoin, attests to the continued faith in Dogecoin. Despite the volatility of the crypto market, Dogecoin’s potential to stage a comeback is worth keeping an eye on.
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