Dogecoinโs Potential to Reach $1: Analyst
An analyst has predicted that Dogecoin (DOGE) could potentially reach $1 based on historical patterns. The analyst points out that DOGE has been breaking out of a parallel channel, which suggests a potential bull rally for the meme cryptocurrency.
Dogecoin Breaks Out of Parallel Channel
Analyst Ali shared a chart showing the weekly price of Dogecoin and highlighted a pattern that the asset has followed over the years. This pattern consists of a parallel channel, where the price consolidates between two trendlines.
The upper trendline is formed by connecting tops, while the lower trendline connects bottoms. A retest of these lines can indicate a potential reversal in price. However, a breakout from either line suggests a continuation of the trend in that direction.
Based on previous instances when Dogecoin broke out of its consolidation channels, it experienced bull rallies. The analyst believes that DOGE is currently in a similar period of consolidation and recent breakouts could lead to another bullish run.
Potential Trajectory for DOGE
Ali has marked a potential trajectory for Dogecoin based on the precedent set by the last two bull runs. The analyst suggests that if history repeats itself, DOGE could reach $1 by mid-April.
This projection would mean an increase of over 488% from the current price in less than six weeks. While it may seem wild, it would be impressive if DOGE follows this trajectory.
However, it remains to be seen whether Dogecoin will indeed follow this pattern now that it has broken free from its long parallel consolidation channel.
Current DOGE Price
As of now, Dogecoin is trading at around $0.17, with a 36% increase in the past week.
Hot Take: Dogecoinโs Potential to Reach $1
Analyst Ali has pointed out that Dogecoin could potentially reach $1 based on historical patterns. The recent breakouts from the parallel channel suggest a potential bull rally for DOGE. While this projection may seem wild, it would be impressive if history repeats itself and DOGE follows this trajectory.
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