As a seasoned analyst with over two decades of market experience under my belt, I find the recent bullish momentum in Dogecoin intriguing. The 16.3% surge over the past 24 hours is reminiscent of the wild west days of cryptocurrency trading, and it’s hard not to get caught up in the excitement.
The price of Dogecoin is currently experiencing a fresh wave of bullish energy, attracting more investments from traders. Significantly, the value of Dogecoin increased by approximately 16.3% within the last day. This significant rise has sparked speculation about Dogecoin reaching a brand-new record high in 2021.
It’s worth noting that an analyst on social media platform X has pointed out a bullish pattern known as a fractal, which may potentially propel the cost of Dogecoin on a steep upward trend.
Dogecoin Fractal Points To New ATH
Master Kenobi shared his analysis of the Dogecoin price action on X. In his post, Kenobi outlined a fractal setup, suggesting that DOGE is on the verge of a significant breakout. Kenobi attributed the fractal formation to the consolidation that began after the DOGE price reached $0.43
An optimistic pattern called a ‘bullish fractal’ indicates a potential rise in prices. This pattern arises during periods of price stabilization and features a central bar with the lowest minimum price, surrounded by lower minimum prices on both sides that are slightly higher than the central one.
Kenobi’s analysis included a Doge chart on a four-hour basis. The graph showed a pattern similar to what happened during the first week of November. Back then, Dogecoin was experiencing consolidation following a surge above $0.20. This period, much like the present one, was characterized by low volatility and gradual accumulation. However, the occurrence in November culminated in a dramatic 115% increase over six days.
Referencing similar patterns as seen in November, Kenobi anticipates that Dogecoin’s price may reach new heights and set a fresh all-time record within the next three days. If this prediction holds true, the DOGE price could potentially surge to hit around $0.74. This would surpass its current peak of $0.7316.
What’s Next For The Dogecoin Price?
The idea that Dogecoin’s record-breaking price could be on the horizon is growing stronger day by day, particularly in light of recent market activity over the last 24 hours. At the moment I’m analyzing this, Dogecoin was being traded at approximately $0.41. Notably, the price has now reached $0.46 as I write this, suggesting that a bullish pattern breakout has occurred.
Beginning November at $0.1616, DOGE has surged approximately 230% within the last month. Numerous on-chain indicators and price trends hint towards an imminent price surge, potentially in the coming days or weeks. Noted crypto analyst Ali Martinez posits that the Dogecoin value is presently experiencing a bullish breakout towards $0.82. If this prediction holds true, it would equate to an additional 78% increase from its current worth.
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2024-11-24 10:11