Amid the ongoing power struggle between bulls and bears in the cryptocurrency market, Dogecoin (DOGE) could be looking at a dramatic 40% breakout, judging by its technical analysis (TA) indicators and other relevant factors.
Specifically, prominent crypto trading analyst Ali Martinez has observed DOGE consolidating in a triangle and preparing for a 40% move, which could mean a jump to over $0.30, considering its current price at around $0.22, according to the expert’s X post on August 19.
In other words, if DOGE holds above the $0.218 support and breaks the upper triangle trendline (at about $0.24 – $0.25), it might rally toward $0.265 and $0.287 and beyond, whereas a breakdown below it could send it down to $0.204 or $0.189 and further.
500% rise in the cards?
At the same time, fellow crypto market analyst known as Cryptoinsightuk, has pointed out that the majority of DOGE’s moves happened in two different monthly pops in areas around 500%, 600%, or even 700%, and this time 500% might be a possibility in his view, with a rise to a whopping $1.18.
According to this crypto expert, Dogecoin’s monthly relative strength index (RSI) “is potentially about to cross bullish, and twice has either wicked or gotten close to the oversold area, in which all the violent price action happens on the monthly or the weekly for cryptos generally.”
Furthermore, he noted that only Cardano (ADA) and DOGE haven’t yet made their new all-time highs (ATHs) in this cycle, and he also commented that “you would expect that they will not matter what people say because that’s how rotations happen.”
For the time being, DOGE is trading at the price of $0.2198, which suggests a 1.1% decline in the last 24 hours, adding up to the drop of 0.61% across the previous seven days, as well as losing 12.56% on its monthly chart, per the latest price information.
Ultimately, it does make sense that Dogecoin is up for a dramatic move despite the temporary setback that has halted the bullish surge for the majority of assets in the crypto industry in the past several days, particularly as Grayscale pushes for the approval of a DOGE exchange-traded fund (ETF).
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
