Although the cryptocurrency sector has yet to react to the recent Bitcoin (BTC) halving event, praised as the catalyst for a bull run, including Dogecoin (DOGE), indications have appeared that the popular doge meme crypto asset could soon hit the coveted $1 mark.
Specifically, Dogecoin is consolidating after breaking out from a descending triangle chart pattern, which professional crypto trader Ali Martinez recognized as the digital asset “showing its classic pattern once again,” according to his X post published late on April 21.
DOGE price chart patterns analysis. Source: Ali Martinez
As it happens, the trends to which Martinez was referring to include those that took place in 2017 and 2021. In both of these times Dogecoin’s bullish rally culminated with a new all-time high (ATH) for the asset, so expecting it to finally hit $1 this time around is not out of the question.
On April 20, Martinez also posted his analysis in which he recognized Dogecoin’s TD Sequential as flashing a buy signal on the digital currency’s daily chart, “indicating a potential upswing of one to four days for DOGE,” aided by the positive sentiment surrounding DOGE Day.
Dogecoin TD Sequential analysis. Source: Ali Martinez
On top of that, another bullish sign for the doge meme asset is the fact that it has surpassed the crucial support zone between $0.146 and $0.151, which pseudonymous crypto analyst BitLuxe identified as an important marker for Dogecoin’s continuation, as Finbold reported on April 16.
$DOGE Trading near crucial support at $0.146-$0.151. ? Consider a long position with tight stop loss, but watch for bearish signs below this zone. The next support is $0.122-$0.13, resistance at $0.168-$0.173. #DOGE #cryptocrash #NFA pic.twitter.com/uefH0EEsQp
— BitLuxe (@Bit_Luxe) April 16, 2024DOGE price analysis
Meanwhile, DOGE was at press time changing hands at the price of $0.16099, recording a decline of 1.31% in the last 24 hours, as it dropped 2.81% across the previous seven days and witnessed the loss of 1.11% over the past month, as per the most recent data on April 22.
DOGE price 30-day chart. Source: Finbold
All things considered, Dogecoin looks to be in a good place concerning its future price, provided it keeps up with the positive trends and history truly repeats itself. However, things in this sector can sometimes suddenly change, so doing one’s own research is important before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
