In what could be a strong sign of gradual recovery for the majority of assets that are part of the cryptocurrency market, Dogecoin (DOGE) has neared a breakout point that might send it up, perhaps even towards a new all-time high (ATH).
Specifically, popular crypto trading expert Ali Martinez has observed that the meme coin was tightening inside a symmetric triangle technical pattern and that breaking above $0.23 from it would “send Dogecoin flying!” according to an analysis he shared in an X post on August 27.
Indeed, judging by his chart, DOGE is confined inside a symmetrical triangle of descending resistance and rising support, and breaking out of this setup at $0.23 might first send it towards testing the Fibonacci targets at $0.26, then $0.28, and towards $0.31 or beyond.
Positive signs for DOGE
Meanwhile, Elon Musk’s favorite crypto asset was at press time getting very close toward the critical $0.23 level, changing hands at the price of $0.2206, which indicates an increase of 4.43% in the last 24 hours, a 3.05% gain across the previous seven days, as it moves to erase an 8.61% drop from its monthly chart.
Earlier, Martinez noted that Dogecoin might be looking at one final dip before its price skyrocketed to new heights. It now seems that DOGE might be in the clear after successfully retesting the $0.20 support, which threatened to invalidate the bullish setup, and bouncing back to $0.22.
Last week, the analyst also predicted that the currently ninth-largest crypto asset by market capitalization was getting ready for an explosive 40% move, which would mean soaring above $0.30, provided that things continue to move in its favor.
What do you think?
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